Use the following information to answer questions 23 & 24:

Giant Telecome Co. is a telecommunications company with the following divisions: Cell Phones, Internet, and Entertainment. Because of changing consumer tastes, the Cell Phone division has reported operating losses for the past three years, and Giant Telecome Co. has decided to sell that division. In June 2023, the Board of Directors approved a sale to take place in March 2024. Each division qualifies as a component of an entity.

Giant Telecome Co. reported pre-tax income from all of its operations (including the Cell Phone division) of $30,000,000 for the year ended 12/31/23. The operating loss related to the Cell Phone division in 2023 was ($5,000,000). The market value of the Cell Phone division exceeded the book cost by $500,000.

Giant Telecome Co.s income tax rate is 21%.

23. What is Giant Telecom's 2023 Income from Continuing Operations?

Group of answer choices

a. $27,650,000

b. $23,700,000

c. $15,405,000

d. $19,500,000

e. None of the above

24. Giant Telecom successfully completed the sale of the Cell Phone division in March 2024. From January through the date of the sale, the Cell Phone Division generated a $750,000 operating profit. The Cell Phone division was sold at a pre-tax gain of $1,000,000. Giant Telecom has pre-tax profit from ALL OPERATIONS in 2024 of $75,000,000. What is Fox Cos 2024 Net Income?

Group of answer choices

a. $59,250,000

b. $76,000,000

c. $1,075,000

d. $60,040,000

e. $36,120,000