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MC Qu. 26 LO 16-01 The following information relates to Franklin Freightways for... The following...

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Accounting

MC Qu. 26 LO 16-01 The following information relates to Franklin Freightways for... The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: $230 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 10 Depreciation expense 73 Depreciation in the tax return using MACRS: 122 The applicable tax rate is 36%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is: $191. $181. $122. $49.

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