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	$	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.)

Income Statement

Revenues
Cost and Expenses
Cost of Goods Sold
Advertising Expense
Depreciation Expense
Interest Expense
Rent Expense
Salaries Expense
Earnings before reorganization items and tax effects
Reorganization items:
Interest Revenue
Professional Fees
Loss on closing of branch
Loss before income tax benefit
Income tax benefit
Net loss