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. Debit Credit $ 3,800,000 301,000 Item 1. Net sales 2. Cain 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 $ 1,939,000 284,000 304,000 1,016,000 582,000 839,000 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 $ 3,800,000 Net sales Expenses: Cost of goods sold Depreciation expense $ 1,939,000 304,000 Total operating expenses 2,243,000 1,557,000 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property 301.000