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Howard Co.'s 2016 income from continuing operations before income taxes was $287,000. Howard Co. reported a before-tax income on discontinued operations of $66,000. All tax
Howard Co.'s 2016 income from continuing operations before income taxes was $287,000. Howard Co. reported a before-tax income on discontinued operations of $66,000. All tax items are subject to a 36% tax rate. In its income statement for 2016, Howard Co. would show the following line-item amounts for net income and income tax expense: |
$103,320 and $225,920.
$353,000 and $310,760.
$221,000 and $263,240.
$225,920 and $103,320.
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