(TCO 5) Major Co. reported a 2011 income of $300,000 from continuing operations before income taxes and a before-tax extraordinary loss of $80,000. All income is subject to a 30% tax rate. In the 2011 income statement, Major Co. would show the following line-item amounts for income tax expense and net income.
$66,000 and $210,000
$90,000 and $154,000
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$90,000 and $276,000
$66,000 and $220,000
Points Received: 4 of 4