Howard Co.'s 2021 income from continuing operations before income taxes was $298,000. 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 $74,500 and $271,500 respectively. $234,000 and $282,000 respectively. $271,500 and $74,500 respectively. $362,000 and $314,000 respectively.
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