ABC Tech Solutions provides IT services. Financial data for 2023 is detailed below:

Ledgers (in $ millions)	Amount
Service Revenue	60.0
Salaries and Benefits	30.0
Rent Expense	2.5
Depreciation Expense	2.0
Marketing Expenses	6.0

Requirements:

• Prepare ABC Tech Solutions' income statement for the year ended December 31, 2023.
• Calculate the Contribution Margin and Operating Income.
• Determine the Net Income after taxes using a tax rate of 25%.
• Analyze the impact of fixed costs on ABC Tech Solutions' profitability.
• Discuss the role of cost-volume-profit analysis in making strategic decisions at ABC Tech Solutions.