Item Debit Credit 1. Net sales $2,920,000 275,000 2. Gain on state's condemnation of company property, net of tax 3. Cost of goods sold 4. Income taxes expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax $1,490,207 224,000 227,500 760,000 440,000 632,000 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) RANDA MERCHAN DISING, INC. Income Statement For Year Ended December 31, 2017 Net sales Expenses: Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment