completely out of the wholesaling business. The company still operates its retail outlets. Debit Credit $2,990,000 233,000 Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax 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 $1,525,931 225,000 227,500 767,500 443,000 670,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. + Income Statement For Year Ended December 31 $ 1,525,931 Net sales Expenses: Cost of goods sold Income tax expense Depreciation expense Total operating expenses 225.000 1.750,931 (1,750,931) Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Loss on assets from meteor strike 233,000 670,000 (847,931) mcommun For Year Ended December 31 Net sales Expenses: Cost of goods sold Income tax expense Depreciation expense Total operating expenses 1,525,931 225,000 1,750,931 (1,750,931) Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Loss on assets from meteor strike + 233,000 670,000 (847,931) (847,931) Discontinued segment: Gain on sale of wholesale business segment (net of tax) Loss from operating wholesale business segment (net of tax) 767,500 443,000 1,210,500 362,569 $