The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $299 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return 5 80 160 The applicable tax rate is 25%. There are no other temporary or permanent differences. Which of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement ($ in millions)? Multiple Choice None of these answer choices are correct O Only the total tax expense of $100. Only the current portion of tax expense of $80 O Both the current portion of the tax expense of 556 and the deterred portion of the tax expense of $20. Gupta Industries received a $230,000 prepayment from Packard Associates for the sale of new equipment. Gupta will bil Packard an additional $117000 upon delvery of the equipment Upon receipt of the $230.000 prepayment how much should Gupta recognize for a contract asset a contract aty, and accounts receivable? Me Chorce Corte 20.000 corectity 50 accounts recev 17.000 Corector $230.000 accounts receivable 7.000 Correct score 230.000 accounts rece, Contact $230.000 y 50ccount 50