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 $2,800,000 257,000 Item 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 $1,428,966 226,000 227,500 765,000 456,000 674,900 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 S 2,800,000 Net sales Expenses Cost of goods sold Depreciation expense $ (1428,966) (227.500) Total operating expenses (1.656.466)