Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the fol¬ lowing account balance. Prepare an income statement for this organization. The effective tax rate is 20 percent (realization of any tax benefits is anticipated).

Advertising expense . . . Cost of goods sold .... Depreciation expense . . LO4 Interest expense .

Interest revenue .

Loss on closing of branch Professional fees.

Rent expense.

Revenues.

Salaries expense .

Debit Credit S 24,000 211,000 22,000 4,000

$ 32,000 109,000 71,000 16,000 467,000 70,000