Use the financial data for Randa Merchandising, Inc., in Exercise 13-13 to prepare its income statement for calendar year 2015. (Ignore the earnings per share section.)
In Exercise 13-13
In 2015, 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:
A. Income (loss) from continuing operations
B. Income (loss) from operating, or gain (loss) from disposing, a discontinued segment
C. Extraordinary gain (loss)

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Section Item Debit Credit l. Net sales 2. Galn on state's condemnation $2,900,000 230,000 of company property (net of tax) 3. Cost of goods sold 4. Income taxes expense $1,480,000 217,000 232,500 6. Galn on sale of wholesale business 775,000 segment (net of tax) Loss from operating wholesale business segment (net of tax) 7. 444,000 640,000 8. Salarles expense