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): Pretax accounting income: $200 Pretax accounting income included: Depreciation expense 70 Depreciation in the tax return using MACRS: 110 The applicable tax rate is 40%. There are no other temporary or permanent differences. Franklin's net income ($ in millions) is:
a. $124
b. $120
c. $118
d. $136
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