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
1.	Net sales				$	2,950,000
2.	Gain on states condemnation of company property, net of tax					278,000
3.	Cost of goods sold	$	1,505,517
4.	Income taxes expense		224,000
5.	Depreciation expense		232,500
6.	Gain on sale of wholesale business segment, net of tax					750,000
7.	Loss from operating wholesale business segment, net of tax		442,000
8.	Loss of assets from meteor strike, net of tax		638,000

Prepare the income statement for calendar year 2017.