8. The following information relates to Boss Freightways for its first year of operations:

Pretax accounting income: 192

Pretax accounting income included:

Municipal bonds interest (not taxable for tax purposes): 8

Depreciation expense: 70

Depreciation in the tax return: 120

The applicable tax rate is 25%. There are no other temporary or permanent differences. BOSS net income is:

1. 140 million

2. 142 million

3. 144 million

4. 146 million