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  3. major co. reported 2018 income of $302,000 from co

Major Co. reported 2018 income of $302,000 from continuing operations before income taxes and a...

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Accounting

Major Co. reported 2018 income of $302,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $68,000. 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

  • $84,240 and $193,280 respectively.

  • $84,240 and $370,000 respectively.

  • $108,720 and $234,000 respectively.

  • $108,720 and $149,760 respectively.

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