The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $975 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return 5 145 485 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's balance sheet at the end of its first year would report: The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's balance sheet at the end of its first year would report: Multiple Choice A deferred tax liability of $85 million among current liabilities, A deferred tax asset of $85 million among current assets. A deferred tax liability of $85 million among noncurrent liabilities. A deferred tax asset of $85 million among noncurrent assets. O