Question

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 stat Item 1. Net sales 2. Gain on state's condennation 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 $2,878,800 $1,464,699 248,000 787,5e0 284,000 222,500 452,000 674,800 Prepare the income statement for calendar year 2017 (Loss amounts should be indicoted with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales Expenses Depreciation expense Income taxes expense Total operating expenses Other unusual and/or infrequent gains (losses)

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