The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: $160 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 8 Depreciation expense 80 Depreciation in the tax return using MACRS: 119 The applicable tax rate is 33%. There are no other temporary or permanent differences. Franklin's taxable income is: $119. $121. $39. $129. references