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. Debit Credit $ 4,800,000 381,000 Item 1. Net sales 2. Cain on state's condennation 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. Loos from operating wholesale business segment, net of tax B. Loss of assets from meteor strike $ 2,450,000 359,000 384,000 1,283,000 735,000 1,059,000 RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 Net sales Expenses: Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment