Fellups, Inc., had net income for the year just ended of $75,000, without considering the following item or its tax effects. During the year, a tornado damaged one of the company's warehouses and its contents. Tornado damage is quite rare in Fellups's location. The estimated amount of the loss from the tornado is $100,000 and the related tax effect is 40 percent. Prepare the final section of Fellups's income statement, beginning with income before extraordinary items