TB MC Qu. 4-73 (Algo) Howard Co.'s 2021 income from continuing operations before...

Howard Co.'s 2021 income from continuing operations before income taxes was $283,000. Howard Co. reported before-tax income on discontinued operations of $64,000. All tax items are subject to a 25% tax rate. In its income statement for 2021, Howard Co. would show the following line-item amounts for income tax expense and net income:

Multiple Choice

• $219,000 and $267,000 respectively.

• $260,250 and $70,750 respectively.

• $70,750 and $260,250 respectively.

• $347,000 and $299,000 respectively.