The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) $340 15 Depreciation expense Depreciation in the tax return using MACRS 76 118 The applicable tax rate is 36%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice $42. $298 Resum The applicable tax rate is 36 %. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice $42 $298. unt $313. $118 Resume