In the current year, 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. 1. Net sales Item 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax 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 Debit Credit $2,968,888 239,888 $1,510,621 203,000 250,000 767,500 454,000 648,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Net sales Expenses: RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 < Prev 23 of 24 Next > Net sales Expenses: RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment: 1