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 Debit $ Credit 2,900,000 230,000 $ Item Gain on state's condemnation of company property Loss from property seized by foreign government Loss from government prohibiting further use of a natural resource Gain due to an infrequent calamity Loss from labor strike at manufacturing facility Income tax expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax 1,480,000 217,000 232,000 775,000 444,000 640,000 L Section Item ate's condemnation of company property property seized by foreign government Income (loss) from operating a discontinued segment, or gain (loss) from its disposal government prohibiting further use of a natural Other unusual and/or infrequent gains (losses) an infrequent calamity Taxes reported on income (loss) from continuing operations abor strike at manufacturing facility Net sales less operating expense section expense Tauror sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax 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 Debit $ Credit 2,900,000 230,000 $ Item Gain on state's condemnation of company property Loss from property seized by foreign government Loss from government prohibiting further use of a natural resource Gain due to an infrequent calamity Loss from labor strike at manufacturing facility Income tax expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax 1,480,000 217,000 232,000 775,000 444,000 640,000 L Section Item ate's condemnation of company property property seized by foreign government Income (loss) from operating a discontinued segment, or gain (loss) from its disposal government prohibiting further use of a natural Other unusual and/or infrequent gains (losses) an infrequent calamity Taxes reported on income (loss) from continuing operations abor strike at manufacturing facility Net sales less operating expense section expense Tauror sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax
