Addison Corporation is currently going through a Chapter 11bankruptcy. The company has the following account balances for thecurrent year.
Debit
Credit
Advertising expense
$
39,000
Costof goods sold
226,000
Depreciation expense
37,000
Interest expense
3,000
Interest revenue
$
37,000
Losson closing of branch
124,000
Professional fees
86,000
Rentexpense
31,000
Revenues
572,000
Salaries expense
85,000
Prepare an income statement for this organization. The effectivetax rate is 30 percent (realization of any tax benefits isanticipated). (Negative amounts under “Reorganizationitems” should be indicated by a minus sign.)
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