Business, 27.03.2020 01:54 rscott400

In the current year, 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. Item Debit Credit 1. Net sales $ 2,980,000 2. Gain on state’s condemnation of company property 266,000 3. Cost of goods sold $ 1,520,828 4. Income tax expense 207,000 5. Depreciation expense 250,000 6. Gain on sale of wholesale business segment, net of tax 755,000 7. Loss from operating wholesale business segment, net of tax 475,000 8. Loss of assets from meteor strike 656,000 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.)

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In the current year, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, t...

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