Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)

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 Debit Credit Net sales $ 4, 600 000 2 Gain on state's condemnation of company property 365 000 3. Cost of goods sold $ 2.348.000 4 Income tax expense 344.000 5. Depreciation expense 368,000 6 Gain on sale of wholesale business serent, net of tax 1, 229,000 7 Loss from operating wholesale business segment net of tax 704,000 8. Loss of assets from meteor strike 1.015.000 Exercise 17-18A (Algo) Income statement presentation LO A2 Prepare the December 31 year-end income statement. (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 0 0 Other unusual and/or infrequent gains (losses) 0 0 Discontinued segment: 0 $ 0