Help Save & Exit Su The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $455 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return 95 235 The applicable tax rate is 25%. There are no other temporary or permanent differences. Which of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement ($ in millions)? Multiple Choice None of these answer choices are correct 0 Both the current portion of the tax expense of $80 and the deferred portion of the tax expense of $35 0 Only the current portion of tax expense of $140 0 Only the total tax expense of $175 0 S-GOO DOGS Help Save & Exit Submit Assume that Peridot operates in an industry for which NOL carryback is allowed. In its first four years of operations Peridot reported the following operating income (loss) amounts: 2018 2019 2020 2021 $ 162,000 112,000 (431,000) 462,000 There were no other items affecting deferred income taxes in any year. In 2020, Peridot elected to carry back its operating loss. The enacted income tax rate was 25%. In its 2021 income statement, what amount should Peridot report as income tax expense? Multiple Choice ( 676668. 3115,300. ( 5113000 5173000