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. Debit Credit $ 3,900,000 309,000 Item 1. Net sales 2. Gain due to an infrequent calamity 3. Amortization expense 4. Loss from labor strike at manufacturing facility 5. Loss of assets from meteor strike 6. Gain on sale of wholesale business segment, net of tax 7. Cost of goods sold 8. Depreciation expense $ 1,990,000 292,000 312,000 1 1,042,000 597,000 861,000 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