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

	Debit		Credit
Advertising expense	$	40,000
Cost of goods sold		227,000
Depreciation expense		38,000
Interest expense		4,000
Interest revenue			$	38,000
Loss on closing of branch as part of reorganization		125,000
Professional fees		87,000
Rent expense		32,000
Revenues				579,000
Salaries expense		86,000

Prepare an income statement for this organization. The effective tax rate is 25 percent (realization of any tax benefits is anticipated).