of 2 look nt ences Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below] 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 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax 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 Debit Credit $3,000,000 238,000 $ 1,531,000 224,000 240,000 802,000 459,000 662,000 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 Other unusual and/or infrequent gains (losses) Discontinued segment