In the current year, Randa Merchandising Incorporated 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. A listing of the major sections of an income statement follows. Item 1. Net sales 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 $ 3,000,000 238,000 $ 1,531,000 224,000 240,000 802,000 459,000 662,000 te where each of the following income-related items for this company appears on its current year income statement by selecting >propriate section in the drop down beside each item. Section Item Net sales Gain on state's condemnation of company property Cost of goods sold Debit Credit $ 3,000,000 238,000 $ 1,531,000 Income tax expense 224,000 Depreciation expense 240,000 Gain on sale of wholesale business segment, net of tax 802,000 Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike 459,000 662,000 Net sales Expenses: RANDA MERCHANDISING, INCORPORATED 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