Homework: Financial Statement Analysis Assignment 0 16 2 points References San Required information [The following infomiation applies to the questions displayed below] In the current year, Randa Merchandising Incorporated sold its interest in a chain ofwholesale outlets, taking the company completely out oithe wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. Item Net sales . Gain on state's condemnation of company property . Cost of goods sold Income tax expense Depreciation expense . Gain on sale of wholesale business segment, net of tax Loss From operating wholesale business segment, net at tax Loss of assets From meteor strike m u m m p w M H Debit t 1,388,666 277,000 296,000 566,666 317,666 Credit $ 3,766,696 293,090 989,696 Prepare the December 31 year-end income statement. [Loss amounts should be indicated with a minus sign.) Prepare the December 31 yearend income statement. [Loss amounts should be indicated with a minus signJ Net sales Expo rises