Freda's Florist reported the following before-tax income statement items for the year ended December 31,...
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Accounting
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2024:
| Operating income | $ 200,000 |
|---|---|
| Income on discontinued operations | 80,000 |
All income statement items are subject to a 25% income tax rate. In its 2024 income statement, Freda's income tax expense from continuing operations and total income tax expense would be:
Multiple Choice
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$70,000 and $50,000, respectively.
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$50,000 and $70,000, respectively.
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$50,000 and $50,000, respectively.
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$70,000 and $70,000, respectively.
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