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		$ 2,900,000
2.	Gain on states condemnation of company property		230,000
3.	Cost of goods sold	$ 1,480,000
4.	Income tax expense	217,000
5.	Depreciation expense	232,000
6.	Gain on sale of wholesale business segment, net of tax		775,000
7.	Loss from operating wholesale business segment, net of tax	444,000
8.	Loss of assets from meteor strike	640,000

Prepare the December 31 year-end income statement.

Note: Loss amounts should be indicated with a minus sign.

RANDA MERCHANDISING, INCORPORATED
Income Statement
For Year Ended December 31
Net sales
Expenses:
Total operating expenses		0
		0
Other unusual and/or infrequent gains (losses)
		0
		0
Discontinued segment:
		0
		$0