F. Co. is a food and beverage company with the following divisions: Candy Bars, Beverages, and Snack Foods. Because of changing consumer tastes, the Snack Foods division has reported operating losses for the past three years, and F. Co. has decided to sell that division. In July 2020, the Board of Directors approved a sale to take place in March 2021. Each division qualifies as a component of an entity.

F. Co. reported pre-tax income from all of its operations (including the Snack division) of $100,000,000 for the year ended 12/31/20. The operating loss related to the Snack division in 2020 was ($10,000,000). The book value of the Snack division exceeded the market value by $500,000.

F. Cos income tax rate is 30%.

What is F. Co.s 2020 Net Income?

answer options: 69,650,000 or 70,000,000