The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $340 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return using MACRS: 15 76 118 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice $118 $42 $298