Brief Exercise 12.4 (Static) Unusual or Infrequent Item (LO12-2) In the current year, Hudson Company had revenue and expense numbers of $750,000 and $600,000, respectively, before income taxes and before the following item. The company had a gain of $115,000 that resulted from the passage of new legislation, which was favorable to the company and is considered unusual and infrequent for financial reporting purposes. A 35 percent income tax rate applies to all items. Prepare an abbreviated income statement for Hudson for the year. (Enter all deductions with a minus sign.)