Required information [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 Prepare the December 31 year-end income statement. Note: Loss amounts should be indicated with a minus sign. Debit $ 1,582,000 232,000 248,000 475,000 684,000 Credit $ 3,100,000 246,000 828,000

Required information [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. Prepare the December 31 year-end income statement. Note: Loss amounts should be indicated with a minus sign