BRIEF EXERCISE 12.4 Unusual or infrequent Item GI 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 fivorable 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. BRIEF EXERCISE 12.5 Discontinued Operations [ LO12-2 Wabash, Inc, had revenue and expenses (including income tax) from ongoing business operations for the current year of $480.000 and \$430,000, respectively. During the year, the company sold a division of the company that had revenue and expenses (not included in the previous figures) of $100,000 and $75,000, respectively. The division was sold at a loss of $55,000, All items are sabject to an income tax rate of 40 percent. Prepare an abbreviated income statement for Wabash for the year