Question: The screenshot is where the problem is presented. What goes in the blank blue outlined boxes? In the current year, Randa Merchandising, Inc., sold its
The screenshot is where the problem is presented. What goes in the blank blue outlined boxes?


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 Item Debit Credit 1. Net sales $2,920,000 2. Gain on state's condemnation of company property 263,000 3. Cost of goods sold $1,490,207 4. Income tax expense 202,000 5. Depreciation expense 250,000 6. Gain on sale of wholesale business segment, net of tax 762,500 7. Loss from operating wholesale business segment, net of tax 454,000 8. Loss of assets from meteor strike 674,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Cost of goods sold Depreciation expense Total operating expenses Other unusual andlor infrequent gains (losses) Discontinued segment
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