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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 2. Gain on state's condemnation of company property $3,020,000 272,000 3. Cost of goods sold $1,541,241 4. Income tax expense 219,000 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 242,500 775,000 7. LOSS from operating wholesale business segment, net of tax 463,000 3. Loss of assets from neteor strike 670,000 Prepare the December 31 year-end income statement. (Loss amounts should be Indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 Nel sales Expenses Total operating expenses 0 0 Other unusual and/or infrequent gains (losses) 0 0 Discontinued segment $ 0 0