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.

	Item	Debit	Credit
1.	Gain on state's condemnation of company property		$ 3,000,000
2.	Gain due to an infrequent calamity		238,000
3.	Loss from property seized by foreign government	$ 1,531,000
4.	Loss from government prohibiting further use of a natural resource	224,000
5.	Loss from labor strike at manufacturing facility	240,000
6.	Gain on sale of wholesale business segment, net of tax		802,000
7.	Income tax expense	459,000
8.	Loss from operating wholesale business segment, net of tax	662,000

Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)

Required Information [The following information applies to the questions displayed below) 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. Item Debit Credit 1. Gain on state's condemnation of company property $ 3,000,000 2. Gain due to an infrequent calarity 238,eee 3. Loss from property seized by foreign government $ 1,531,eee 4. Loss from government prohibiting further use of a natural resource 224,000 S. Loss from labor strike at manufacturing facility 240,00 6. Gain on sale of wholesale business segment, net of tax 802.ee 7. Income tax expense 459,000 8. Loss from operating wholesale business segment, net of tax 662,00 Prepare the December 31 year-end Income statement. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 S 3.000.000 Net sales Expenses Total operating expenses 0 3.000.000 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property 238,000 3,238,000 income tax expense 3,238,000 Discontinued segment: Loss from operating wholesale business segment (net of tax) 0 $ 3,238.000 RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 $ 3,000,000 Net sales Expenses: Total operating expenses 0 3,000,000 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property 238,000 3,238,000 income tax expense 3,238,000 Discontinued segment: Loss from operating wholesale business segment (net of tax) 0 $ 3,238.000