Major Co. reported 2021 income of $318,000 from continuing operations before income taxes and a before-tax...

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Major Co. reported 2021 income of $318,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $74,000. All income is subject to a 25% tax rate. In the income statement for the year ended December 31, 2021, Major Co. would show the following line- item amounts for income tax expense and net income: Multiple Choice $79,500 and $244,000 respectively. $79,500 and $183,000 respectively. $61,000 and $392,000 respectively. $61,000 and $238,500 respectively. Major Co. reported 2021 income of $318,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $74,000. All income is subject to a 25% tax rate. In the income statement for the year ended December 31, 2021, Major Co. would show the following line- item amounts for income tax expense and net income: Multiple Choice $79,500 and $244,000 respectively. $79,500 and $183,000 respectively. $61,000 and $392,000 respectively. $61,000 and $238,500 respectively.

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Income contincing operations X tax rate In come tux ex... View the full answer