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In the current year, Randa 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 $2,940, 808 2. Gain on state's condemnation of company property 236, 809 3. Cost of goods sold $1, 580, 414 4. Income tax expense 211, ege 5. Depreciation expense 222,508 6. Gain on sale of wholesale business segment, net of tax 795, 208 7. Loss from operating wholesale business segment, net of tax 442, 890 B. Loss of assets from meteor strike 660, 208 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 $ 2,940,000 Expenses: Cost of goods sold S 1.500,414 Depreciation expense 222,500 Total operating expenses 1,722.914 1.217,086 Other unusual and or infrequent gains (losses) Income from continuing operations before taxes 1.217,086 1.217,086 Discontinued segment: 1,217,086