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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:
Gain on state's condemnation of company property, net of tax
Cost of goods sold
Income taxes 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.
We recognize revenue from sales at our retail stores at the point of sale, net of estimated returns and excluding sales taxes. Revenue from our sales to customers shipped di
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