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 Cost of goods sold Depreciation expense Interest expense Interest revenue Loss on closing of branch Professional fees Rent expense Revenues Salaries expense $ 43,000 230,000 41,000 7,000 $ 41,000 128,000 90,000 35,000 600,000 89,000 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.) Answer is not complete. ADDISON CORPORATION Income Statement Revenues $ 600,000 Costs and expenses $ 41,000 43,000 Depreciation expense Advertising expense Interest expense Professional fees Rent expense Salaries Loss on closing of branch Cost of goods sold 7,000 90,000 35,000 89,000 128,000 230,000663,0 Eanings before reorganization items and tax effects $ (63,000) Reorganization items $ (63,000) $ (63,000)