Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.) 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 Debit Credit $ 4,400,000 349,000 Item 1. Gain on sale of wholesale business seront, net of tax 2. Het sales 7. Cost of goods sold 4. Depreciation expense 5. Interest expense G Gain on state's condemnation of company property 7. Amortization expense Loss of assets fronter strike $ 2,246,000 329,000 352,000 1,126,000 674,000 971.000 Exercise 17-18A (Algo) Income statement presentation LO A2 Prepare the December 31 year end income statement (Loss omounts should be indicated with a minus sign.) Answer is not complete. SHILI SRUL LUMIILIL. ! Required information Income Statement For Year Ended December 31 349,000 Net sales Expenses Cost of goods sold Depreciation expense Income tax expense Total operating expenses 2,246,000 329,000 352,000 $ x 2,927.000 (2,578,000) Other unusual and/or infrequent gains (losses). Gain on state's condemnation of company property > 1,176 000 (1.402,000) (1.402,000) Discontinued segment Loss from operating wholesale business segment (net of tax) (674,000) Not income (674000) $ (2076,000)

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