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Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following...

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Accounting

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.)

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