For the year just ended, Fellups, Inc., had income before income taxes of $275,000 from its normal, recurring operations. In addition, 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. The tax rate on all of the above is 40 percent Prepare the final section of Fellups's income statement, beginning with income before income taxes. FELLUPS, INC. Partial Income Statement For Year Ended