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Exercise 17-18A Income statement presentation LO A2 In the current year, Randa Merchandising, Inc., 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. Iten Debit Credit 1. Net sales 52,970,000 2. Goin on state's condemnation of company property 275.000 3. Cost of goods sold $1,515,724 4. Income tax expense 202.000 5. Depreciation expense 247,500 6. Gain on sale of wholesale business segment, net of tax 797,500 7. Loss from operating wholesale business segment, net of tax 469, 8. Loss of assets from meteor strike 674,000 RANDA MERCHANDISING, INC Income Statement For Year Ended December 31 Net sales Expenses Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment