Addison Corporation is currently going through chapter 11 bankruptcy. The company has the following account balances for the current year.
Debit Credit
Advertising expense $ 36,000
Cost of goods sold 223,000
Depreciation expense 34,000
Interest expense 8,000
Interest revenue $ 44,000
Loss on closing of Branch 121,000
Professional fees 83,000
Rent expense 28,000
Revenues 551,000
Salaries expense 82,000
Prepare an income statement for this organization. The effective tax rate is 30 percent (realization of any tax benefits is anticipated.) (Negative amounts under "Reorganization items" should be indicated by a minus sign.)