33- The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):

Pretax accounting income: $ 871

Pretax accounting income included: Overweight fines (not deductible for tax purposes) 5

Depreciation expense 135

Depreciation in the tax return 435

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:

1-Multiple Choice A deferred tax liability of $75 million among current liabilities

2-. A deferred tax liability of $75 million among noncurrent liabilities.

3-A deferred tax asset of $75 million among noncurrent assets.

4- A deferred tax asset of $75 million among current assets.