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Check 16 ! Required information 2 points [The following information applies to the questions displayed below.) In the current year, Randa Merchandising Incorporated 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. eBook Hint Debit Print Credit $ 3,900,000 309,000 References 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 $ 1,990,000 292,000 312,000 1,042,000 597,000 861,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) 16 X Answer is not complete. RANDA MERCHANDISING, INCORPORATED Income Statement 2 points For Year Ended December 31 Net sales $ 3,900,000 Expenses: Cost of goods sold Depreciation expense $ 1,990,000 Oo 312,000 Total operating expenses 2,302,000 1,598,000 Other unusual and/or infrequent gains (losses) Gain on state's condemnation of company property Loss of assets from meteor strike 309,000 (861,000) 1,046,000 292,000 754,000 Income tax expense Income from continuing operations Discontinued segment: Loss from operating wholesale business segment (net of tax) Gain on sale of wholesale business segment (net of tax) 300 (597,000) 1,042,000 445,000 $ 1,199,000 Net income