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5 Return to question 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. Debit Credit $2,990,000 278,000 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 $1,525,931 222,000 227,500 752,500 456,000 664,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Answer is not complete. RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 Net sales $ 2,990,000 Expenses: Cost of goods sold Depreciation expense $ 1,525,931 227,500 Total operating expenses 1,753,431 1,236,569 278,000 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Loss on assets from meteor strike Income from continuing operations before taxes Income tax expense 1,514,569 222,000 1,292,569 Discontinued segment Gain on sale of wholesale business segment (net of tax) Loss from operating wholesale business segment (net of tax) 752,500 (456,000) Net income 296,500 $ 1,589,069