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Use the following information for questions 1012. The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): The applicable tax rate is 40%. There are no other temporary or permanent differences. 10. Franklin's balance sheet at the end of its first year of operations should report: a. A deferred tax liability of $16 among its noncurrent liabilities. b. A deferred tax asset of $16 among its current assets. c. A deferred tax liability of $16 among its current liabilities. d. A deferred tax asset of $16 among its noncurrent assets. 11. Franklin's net income (in millions) for its first year is: a. $134. b. $124. c. $119.4. d. $118. 12. At the end of its first year of operations, Franklin should show (in millions): a. A current tax payable of $66. b. A current tax payable of $36. c. A current tax payable of $70.6. d. A current tax receivable of $10 due to the NOL