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 $2,890,000 245,000 Itam 1. Net sales 2. Gain on state's condamnation of company property, net of tax 3. Cont of goods sold 4. Income taxes expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Los from operating wholesale business magnant, not of tax 8. tons of anneta fron meteor utrike, net of tax $1,474,897 216,000 225,000 767,500 452,000 640,000 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 $ 2,890,000 Net sales Expenses: Cost of goods sold Depreciation expense S 1,474,897 225,000 Total operating expenses 1,699 897 1.190 103 Other unusual and or infrequent gains (losses) Gain on state's condemnation of company property, net of tax 245,000 RANDA MERCHANDISING, INC Income Statement For Year Ended December 31, 2017 Net sales 2,890,000 + Expenses: Cost of goods sold Depreciation expense $ 1,474,897 225.000 Total operating expenses 1,699,897 1,190,103 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 245,000 "640,000 2,075,103 216,000 1,859,103 Income taxes expense Income from continuing operations Discontinued segment Loss from operating wholesale business segment (net of tax) Gain on sale of wholesale business segment (net of tax) Income before extraordinary gain 442.000 767,500 1.209,500 3,068,603 $ Prev 18 of 18 !!! Next