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	$	43,000
Cost of goods sold		230,000
Depreciation expense		41,000
Interest expense		7,000
Interest revenue			$	41,000
Loss on closing of branch		128,000
Professional fees		90,000
Rent expense		35,000
Revenues				600,000
Salaries expense		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.)