Please show work and if possible explain, thank you Use the following information for...
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Please show work and if possible explain, thank you
Use the following information for questions 1012. The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): The applicable tax rate is 40%. There are no other temporary or permanent differences. 10. Franklin's balance sheet at the end of its first year of operations should report: a. A deferred tax liability of $16 among its noncurrent liabilities. b. A deferred tax asset of $16 among its current assets. c. A deferred tax liability of $16 among its current liabilities. d. A deferred tax asset of $16 among its noncurrent assets. 11. Franklin's net income (in millions) for its first year is: a. $134. b. $124. c. $119.4. d. $118. 12. At the end of its first year of operations, Franklin should show (in millions): a. A current tax payable of $66. b. A current tax payable of $36. c. A current tax payable of $70.6. d. A current tax receivable of $10 due to the NOL
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