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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
1. Net sales $ 4,100,000
2. Gain on state's condemnation of company property 325,000
3. Cost of goods sold $ 2,092,000
4. Income tax expense 307,000
5. Depreciation expense 328,000
6. Gain on sale of wholesale business segment, net of tax 1,096,000
7. Loss from operating wholesale business segment, net of tax 628,000
8. Loss of assets from meteor strike 905,000
Prepare the December 31 year-end income statement.

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