In 2018, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows:

A. Net sales less operating expense section

B. Other unusual and/or infrequent gains (losses)

C. Taxes reported on income (loss) from continuing operations

D. Income (loss) from operating a discontinued segment, or gain (loss) from its disposal?

Indicate where each of the following income-related items for this company appears on its 2018 income statement by writing the letter of the appropriate section in the blank beside each item.

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Section Item Debit Credit 1. Net sales. $2.900,000 2. Gain on state's condemnation of company property. Cost of gcodssold 4. Income tax expense. 5. Depreciation expense 230,000 $1,480,000 217,000 232.000 775,000 6. Gain on sale cf wholesale business segment, net oftax 7. Loss from operating wholesale business segment net of tax.. 8. Loss of assets from meteor strike . 444,000 640.000