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 $ $4,200,000$

$2.$ Gain on state's condemnation of company property $333,000$

$3.$ Cost of goods sold $ $2,143,000$

$4.$ Income tax expense $314,000$

$5.$ Depreciation expense $336,000$

$6.$ Gain on sale of wholesale business segment, net of tax $1,122,000$

$7.$ Loss from operating wholesale business segment, net of tax $643,000$

$8.$ Loss of assets from meteor strike $927,000$