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	$	48,000
Cost of goods sold		235,000
Depreciation expense		46,000
Interest expense		4,000
Interest revenue			$	35,000
Loss on closing of branch		133,000
Professional fees		95,000
Rent expense		40,000
Revenues				635,000
Salaries expense		94,000

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.)

ADDISON CORPORATION

INCOME STATEMENT

Cost and expenses

Earmings before reorganization items and tax effects

Reorganization items: