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 $68,000. 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: Major Co. reported 2021 income of $318,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $68,000. 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: