Exercise $3-15$A $($Algo$)$ Single$-$step and multistep income statements LO $3-6$

The following information was taken from the accounts of Green Market, a delicatessen, at December $31,$ Year $2.$ The accounts are listed in alphabetical order, and each has a normal balance.

Accounts payable $ $608$

Accounts receivable $408$

Advertising expense $200$

Cash $418$

Common stock $208$

Cost of goods sold $600$

Interest expense $62$

Merchandise inventory $370$

Prepaid rent $48$

Retained earnings, $1/1/$Year $2643$

Sales revenue $1,080$

Salaries expense $210$

Rent expense $100$

Gain on sale of land $123$

Required:

Prepare an income statement for the year using the single$-$step and multistep approach.