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 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 $3,070,000 236,000 $1,566,759 210,000 242,500 762,500 469,000 636,000 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 Expenses Cost of goods sold Depreciation expense Total operating expenses Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property, net of tax RANDA MERCHANDISING, INC Income Statement For Year Ended December 31, 2017 Net sales Expenses Cost of goods sold Depreciation expense Total operating expenses 0 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property, net of tax Loss on assets from meteor strike, net of tax Income from continuing operations before taxes Income taxes expense ncome from continuing operations Discontinued segment: 0 Loss from operating wholesale business segment (net of tax) Gain on sale of wholesale business segment (net of tax) Net income