MC Qu. 59 Major Co. reported 2018 income of...

Major Co. reported 2018 income of $309,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $74,000. All income is subject to a 36% tax rate. In the income statement for the year ended December 31, 2018, Major Co. would show the following line-item amounts for income tax expense and net income:

Multiple Choice

• $111,240 and $235,000 respectively.
• $84,600 and $197,760 respectively.
• $84,600 and $383,000 respectively.
• $111,240 and $150,400 respectively.