Major Company reported 2024 income of $309,000 from continuing operations before income taxes and a before-tax loss on discontinued operations of $69,000. All income is subject to a 25% tax rate. In the income statement for the year ended December 31, 2024, Major Company would show the following line-item amounts for income tax expense and net income: Multiple Choice $77,250 and $240,000 respectively. $60,000 and $231,750 respectively. $77,250 and $180,000 respectively. $60,000 and $378,000 respectively. 0

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.