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 $ 25,000 Cost of goods sold 212,000 Depreciation expense 23,000 Interest expense 5,000 Interest revenue $ 33,000 Loss on closing of branch as part of reorganization 110,000 Professional fees 72,000 Rent expense 17,000 Revenues 474,000 Salaries expense 71,000

Prepare an income statement for this organization. The effective tax rate is 25 percent (realization of any tax benefits is anticipated). (Negative amounts under "Reorganization items" should be indicated by a minus sign. All other amounts should be entered as positive.)