Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following account balances for the current year.

	Debit		Credit
Advertising expense	$	24,000
Cost of goods sold		211,000
Depreciation expense		22,000
Interest expense		4,000
Interest revenue			$	32,000
Loss on closing of branch		109,000
Professional fees		71,000
Rent expense		16,000
Revenues				467,000
Salaries expense		70,000

Prepare an income statement for this organization. The effective tax rate is 20 percent (realization of any tax benefits is anticipated). (Negative amounts under "Reorganization items" should be indicated by a minus sign.)