Question: Please help me with this accounting 2 question Exercise 17-14A Income statement presentation LO A2 In 2017, Randa Merchandising, Inc., sold its interest in a
Please help me with this accounting 2 question
Exercise 17-14A 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: Debit Credit $3,000,000 236,000 Item 1. Net sales 2. Gain on state's condemnation of company property, net of tax 3. Cost of goods sold 4. Income taxes 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, net of tax $1,531,034 219,000 225,000 780,000 442,000 652,000 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 December 31, 2017 Net sales Expenses: Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment
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