Prepare the income statement for calendar year

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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 statement follows:




Net sales



Gain on state's condemnation of company property, net of tax



Cost of goods sold



Income taxes expense



Depreciation expense



Gain on sale of wholesale business segment, net of tax



Loss from operating wholesale business segment, net of tax



Loss of assets from meteor strike, net of tax



Required - Prepare the income statement for calendar year 2017.

Reference no: EM132479984

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