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) Depreciation expense Depreciation in the tax return $195 5 70 110 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice $40. $155. $110. $160. 13