Exercise 17-134 Income statement categories AZ 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 lett. 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 (foss) from its disposal Indicate where each of the following income-related items for this company appears on its 2017 income statement by writing the letter of the appropriate section in the blank beside each item. Section item Debit Credit $2,000,000 230,000 1. Net sales 2. Gain on state 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, et of tax 7. Loss from operating wholesale business segment, net ofta 8. Loss of assets from meteor se, net of tax $1.480.000 217.000 232.000 775.000 444,000 540,000