In the current year, Rando Merchandising, Inc, 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. Net sales $3,020,000 2. Gain on state's condemnation of company property 254,000 3. Cost of goods sold $1,541,241 4. Income tax expense 228,000 5. Depreciation expense 227,500 6. Gain on sale of wholesale business negnent, net of tax 795,000 7. tons from operating wholesale business segment, net of tax 470,000 8. Loss of assets from meteor strike 664,000 Dok Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 Net sales Expenses Total operating expenses Other unusual and/or infrequent gains (ses) Check 3 RANDA MERCHANDISINO, INC Income Statement For Year Ended December 31 Net sales Expense Bow Total operating expenses Other unusual and for infrequent gains (es) Discontinued segment