In the current year Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets taking the company

Question

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 1 Net sales 2 Gain on state s condemnation of company property 3 Cost of goods sold 4 Income tax expense Item 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 Prepare the December 31 year end income statement Note Loss amounts should be indicated with a minus sign Net sales Expenses RANDA MERCHANDISING INCORPORATED Income Statement For Year Ended December 31 Debit 1 582 000 232 000 248 000 475 000 684 000 Credit 3 100 000 246 000 828 000 Chec

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