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 $3,050,000 260,000 $1,556,552 211,000 245,000 800,000 469,000 668,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) 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 Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment: 0 $ 0 0 0 0 0