18 In 2017, 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: Debit Credit $2,810,000 266,000 40 points Item 1. Net sales 2. Gain on state's condemnation of company property, net of tax 3. Cost of goods sold 4. Income taxes expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. LOSS from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax $1,434,069 207,000 242,500 775,000 X 01:32:00 442,000 650,000 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales $ 2,810,000 Expenses: Cost of goods sold Depreciation expense $ 1,434,069 242,500 Total operating expenses 1,676,569 1,133,431 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property, net of tax Income taxes expense 266,000 207,000 1,606,431 1,606,431 Discontinued segment: Loss from operating wholesale business segment (net of tax) Gain on sale of wholesale business segment (net of tax) Loss on assets from meteor strike, net of tax 442,000 775,000 (650,000) $ 567,000 2,173,431 $