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. Debit Credit $ 3,800,000 301,000 Item 1. Gain on sale of wholesale business segment, net of tax 2. Gain on state's condemnation of company property 3. Loss of assets from meteor strike 4. Loss from government prohibiting further use of a natural resource 5. Loss from operating wholesale business segment, net of tax 6. Net sales 7. Income tax expense 8. Depreciation expense $ 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 Net sales Expenses Depreciation expense Total operating expenses 0 0 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Loss of assets from meteor strike 0 0 Discontinued segment: Gain on sale of wholesale business segment (net of tax) Loss from operating wholesale business segment (net of tax) Net income 0 $ 0