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Part $1$ of $2$

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Use the following information for the Exercies below. $($Algo$)$

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points

Skipped

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.

$\backslash$table$[[1.$ Net sales,Debit,Credit$],[2.$ Gain on state's condemnation of company property,$$4,200,000,],[3.$ Cost of goods sold,$$2,143,000,333,000],[4.$ Income tax expense,$314,000,],[5.$ Depreciation expense,$336,000,],[6.$ Gain on sale of wholesale business segment, net of tax,$643,000,1,122,000$