On May 1, Tango Company agreed to sell the assets of its Formal Wear Division to Top Hat Incorporated. The following additional facts pertain to the transaction: - The Formal Wear Division 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. - Tango's income tax rate is 25\%. Suppose that the Formal Wear Division'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 $43 million on December 31,2024 . In the income statement for the year ended December 31,2024 , Tango Company would report discontinued operations of: Multiple Choice $10.5 million loss. $15.0 million loss. $14.0 million lose. $20.0 million loss