The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $170 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return using MACRS: 7 79 130 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice $130 $119 $126 $51 At December 31, 2018, the account balances of Dowling, Inc. showed Income taxes payable of $38 million and a current deferred tax asset of $60 million before assessing the need for a valuation allowance. The previous year Dowling had reported a current deferred tax asset or 545 million with no valuation allowance. Dowling determined that it was more likely than not that 20% of the deferred tax asset ultimately would not be realized. Dowling made no estimated tax payments during 2018. What amount should Dowling report as total Income tax expense in its 2018 Income statement? Multiple Choice O $12 millon $23mion O $35 million $38 milion