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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.

Item Debit Credit

$1.$ Net sales $ $3,500,000$

$2.$ Gain on state's condemnation of company property $278,000$

$3.$ Cost of goods sold $ $1,786,000$

$4.$ Income tax expense $262,000$

$5.$ Depreciation expense $280,000$

$6.$ Gain on sale of wholesale business segment, net of tax $935,000$

$7.$ Loss from operating wholesale business segment, net of tax $536,000$

$8.$ Loss of assets from meteor strike $772,000$

Prepare the December $31$ year$-$end income statement.