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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.
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 Debit Credit
Net sales $
Gain on state's condemnation of company property
Cost of goods sold $
Income tax expense
Depreciation expense
Gain on sale of wholesale business segment, net of tax
Loss from operating wholesale business segment, net of tax
Loss of assets from meteor strike
Prepare the December yearend income statement.
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