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. Credit $2,830,000 263,000 Item Debit 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold $1,444,276 4. Income tax expense 225,000 5. Depreciation expense 235,000 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 477,000 8. Loss of assets from meteor strike 648,000 752,500 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) 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 Other unusual and/or infrequent gains (losses) Discontinued segment