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: Item Debit Credit $2,900,000 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 230,000 $1,480,000 217,000 232,000 775,000 444,000 640,000