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. xercise 13-18A (Algo) Income statement presentation LO A2 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ RANDA MERCHANDISING, INCORPORATED } \\ \hline \multicolumn{4}{|l|}{ Income Statement } \\ \hline \multicolumn{4}{|c|}{ For Year Ended December 31} \\ \hline Net sales & & $ & 3,900,000 \\ \hline \multicolumn{4}{|l|}{ Expenses: } \\ \hline Cost of goods sold & 1,990,000 & & \\ \hline \\ \hline Depreciation expense & 312,000 & & \\ \hline Total operating expenses & s & & 2,302,000 \\ \hline .0 & & & 1,598,000 \\ \hline \multicolumn{4}{|l|}{ Other unusual and/or infrequent gains (losses) } \\ \hline Gain on state's condemnation of company property & & & 309,000 \\ \hline \multicolumn{4}{|l|}{ Loss of assets from meteor strike } \\ \hline Income from continuing operations before taxes & & & 1,907,000 \\ \hline Income tax expense & = & & 292,000 \\ \hline Income from continuing operations & & & 1,615,000 \\ \hline \multicolumn{4}{|l|}{ Discontinued segment: } \\ \hline \multicolumn{4}{|l|}{ Loss from operating wholesale business segment (net of tax) } \\ \hline Gain on sale of wholesale business segment (net of tax) & 1,042,000 & & 1,042,000 \\ \hline Net income & & $ & 2,657,000 \\ \hline \end{tabular}