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. Indicate where each of the following income statement-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. Section Item Debit 1. Net sales less operating expense section 2. Amortization expense Gain on state's condemnation of company property Credit $ 2,900,000 230,000 3. Loss of assets from meteor strike $ 1,480,000 217,000 4. 5. Net sales less operating expense section 232,000 6. Loss from property seized by foreign government Cost of goods sold Gain due to an infrequent calamity Loss from labor strike at manufacturing facility Gain on sale of wholesale business segment, net of tax 775,000 7. 444,000 640,000 8