Exercise 13-14A Income statement presentation LO A2 In 2017, 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. A listing of the major sections of an income statement follows Net sales 2. cain on state's condennation of company property, net of tax $3,040,000 269,000 . Cost of goods sold 4. Income taxes expense $1,551,448 206,880 242,580 Depreciation expense b. Gein on sale of sholesale business segment, net of tax 470,000 790,000 642,000 sale of wholesale busi 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax Prepare the income statement for calendar year 2017 (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended Dece 31, 2017