The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $299 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return 5 80 160 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 $20 million among noncurrent liabilities. O A deferred tax liability of $20 million among current liabilities. A deferred tax asset of $20 million among noncurrent assets. o o A deferred tax asset of $20 million among current assets