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On May 1, Freeman Company agreed to sell the assets of its Footwear Division to Albanese Incorporated for $97 million. The sale was completed on December 31, 2024. The following additional facts pertain to the transaction: - The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations. - The book value of Footwear's assets totaled $65 million on the date of the sale. - Footwears operating income was a pre-tax loss of \$14 million in 2024. - Freeman's income tax rate is 25%. In the income statement for the year ended December 31, 2024, Freeman Company would report income from discontinued operations of: Multiple Choice $245 milion. 513.5 million. eina mimins On May 1, Green Co, agreed to sell the assets of its Formal Wear Division to Red Hat Incorporated. The following additional facts pertain to the transaction: The Formal Wear Dlvision qualifies as a component of the entity according to GAAP regarding discontinued operations. - The book value of Formal Wear's assets totaled $49 million on December 31, 2024. - Formal Wear's operating income was a pre-tax loss of \$14 million in 2024. - Green's income tax rate is 25%. Suppose that the Formal Wear Dlvision's assets had not been sold by December 31, 2024, but were considered held for sale. Assume that the fair value of these assets was $83 million on December 31, 2024. In the income statement for the year ended December 31, 2024, Green Co. would repart discontinued operations of a: Multiplip Choice 510.5 milition loss. 5140 mittian loss

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