Major Co. reported 2021 income of $316,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $76,000. 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 $60,000 and $237,000 respectively. $60,000 and $392,000 respectively. $79,000 and $240,000 respectively. $79,000 and $180,000 respectively.