The following information relates to Franklin Freightways for its first year of operations (data in...
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Accounting
The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $320 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return using MACRS: 23 78 124 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: Multiple Choice O $124.
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