Exercise 13-18A (Static) 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. Debit Credit $2,900,000 230,000 Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike $ 1,480,000 217,000 232,000 775,000 444,000 640,000 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 Net sales Expenses: Total operating expenses

Exercise 13-18A (Static) 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. Ite Debit Credit 1. Net sales 2. Goin on state's condemnation of company property $2,900,000 230,000 3. Cost of goods sold $1,480,000 4. Income tax expense 217.000 5. Depreciation expense 232,000 6. Gain on sale of wholesale business segment, net of tax 775,000 7. Loss from operating wholesale business serent, net of tax 444,000 1. Loss of assets from meteor strike 640,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, ING Income Statement For Year Ended December 31 Net ses Expenses Cost of goods sold Depreciation experise Loss of assets from me or strike Total operating expenses O RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31 0.8 point cock Hint Net sales Expenses: Cost of goods sold Depreciation expense Loss of assets from meteor strike Total operating expenses References 0 o Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Income from continuing operations before taxes Income tax expense Income from continuing operations 0 0 Discontinued segment 0 $ 0 Exercise 13-18A (Static) 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 the wholesaling business. The company still operates its retail outlets, Debit Credit $2,900,000 230,000 Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike $1,480,000 217,000 232,800 775,000 444,000 640,000 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