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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): 23 $351 (8 00005 Pretax accounting income:
The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): 23 $351 (8 00005 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return 185 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 asset of 25 million among current assess Multiple Choice A defered toxase O A deferred tax asset of $25 million among current assets. Adelere tax tabininy or O A deferred tax liability of $25 million among current liabilities O A deferred tax asset of $25 million among noncurrent assets. A deferred tax liability of $25 million among noncurrent liabilities
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