Exercise 17-18A Income statement presentation LO A2 In the current year, Randa Merchandising, Inc., sold its...

Transcribed Image Text:

Exercise 17-18A Income statement presentation LO A2 In the current year, 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. 1. Net sales Iten 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 Debit Credit $2,900,000 251,000 $1,480,000 208,000 225,000 785,000 460,000 644,000 8. Loss of assets fron meteor strike Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Exercise 17-18A Income statement presentation LO A2 In the current year, 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. 1. Net sales Iten 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 Debit Credit $2,900,000 251,000 $1,480,000 208,000 225,000 785,000 460,000 644,000 8. Loss of assets fron meteor strike Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)