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Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2024: Operating income $ 200,000 Income on discontinued operations 80,000

Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2024:

Operating income $ 200,000
Income on discontinued operations 80,000

All income statement items are subject to a 25% income tax rate. In its 2024 income statement, Freda's income tax expense from continuing operations and total income tax expense would be:

Multiple Choice

  • $70,000 and $50,000, respectively.

  • $50,000 and $70,000, respectively.

  • $50,000 and $50,000, respectively.

  • $70,000 and $70,000, respectively.

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