17. The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's balance sheet at the end of its first year would report a: a. Deferred tax liability of $75 million among current liabilities b. Deferred tax liability of $75 million among noncurrent liabilities C. Deferred tax asset of $75 million among noncurrent assets d. Deferred tax asset off $75 million among current assets $ 871 5 135 435