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Major Co. reported 2021 income of $300,000 from continuing operations before income taxes and a before tax tons on discontinued operations of $69.000. All income
Major Co. reported 2021 income of $300,000 from continuing operations before income taxes and a before tax tons on discontinued operations of $69.000. 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 $57,750 and $369,000 respectively $57750 and $225,000 respectively $75,000 and $231,000 respectively $75,000 and 5173.250 respectively
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