Major Co. reported 2021 income of $318,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $80,000. 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 $79,500 and $238,000 respectively. $59,500 and $238,500 respectively. $79,500 and $178,500 respectively. $59,500 and $398,000 respectively