the following information relates to franklin freightways for its first year of operation (data in millions of dollars) pretax accounting income $260, pretax accounting income included: overweight fines (not deductible for tax purposes) $7, depreciation expenses $66, depreciation in the tax return using MACRS $103. the applicable rate is 31%. there are no other temporary or permanent differences. franklin's taxable income ($in millions) is: $230 $223 $103 $37