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:

Item

Debit

Credit

Net sales

 

$2,950,000

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

 

257,000

Cost of goods sold

$1,505,517

 

Income taxes expense

209,000

 

Depreciation expense

245,000

 

Gain on sale of wholesale business segment, net of tax

 

752,500

Loss from operating wholesale business segment, net of tax

471,000

 

Loss of assets from meteor strike, net of tax

636,000

 

Required - Prepare the income statement for calendar year 2017.

Reference no: EM132479984

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