• Howard Company's 2024 income from continuing operations before income taxes was $287,000. Howard Company reported before-tax income on discontinued operations of $75,000. All tax items are subject to a 25% tax rate. In its income statement for 2024, Howard Company would show the following line-item amounts for income tax expense and net income: 
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• a. $212,000 and $268,250 respectively.
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• b. $271,500 and $71,750 respectively. 
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• c. $362,000 and $305,750 respectively. 
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• d. $71,750 and $271,500 respectively.

Answer rating: 100% (QA)

To calculate the income tax expense and net income for Howard Company for 2024 we need to consider b... View the full answer