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.

	Item		Debit			Credit
1.	Net sales				$	2,870,000
2.	Gain on states condemnation of company property					260,000
3.	Cost of goods sold	$	1,464,690
4.	Income tax expense		219,000
5.	Depreciation expense		220,000
6.	Gain on sale of wholesale business segment, net of tax					790,000
7.	Loss from operating wholesale business segment, net of tax		455,000
8.	Loss of assets from meteor strike		646,000

Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)