6) For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: 00,00 15,00 85,00 0 etax accounting income difference emporary difference-depreciation (20,00 axable income 65,00 Tringali's tax rate is 40%. Assume that no estimated taxes have been paid. Prepare the journal entry for taxes 7) The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars) Pretax accounting income: Pretax accountin verweight fines (not deductible for tax n in the tax return using MACRS: The applicable tax rate is 40%. 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 $16 million among current liabilities B) A deferred tax asset of $16 million among current assets C) A deferred tax liability of $16 million among noncurrent liabilities D) A deferred tax asset of $16 million among noncurrent assets