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 $2,850,000 248,000 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 seqment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax $1,454,483 224,000 242,500 777,500 444,000 664,000 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) - 2 v . Q Z Ne Q Search RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales Expenses: Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment