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. 1. Net sales Ite 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expens 5. Depreciation expense 4. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Less of assets fron meteor strike Debit Credit $3,800,000 301,000 $1,939,000 284,000 304,000 3,016,000 502,000 $39,009 Exercise 17-17A (Algo) Income statement categories LO A2 Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. 3. 4 5. 6. T B Section Bem Debit Net sales Gain on state's condemnation of company property Cost of goods sold Credit $ 3.800,000 301,000 $ Income tax expense 1,930,000 284.000 Depreciation expense 304,000 Gain on sale of wholesale business segment, net of las Loss from operating wholesale business segment, net of tax Loss of assets from preteor strike 1,016,000 582.000 839.000