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.)