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(Solved): The following information relates to Franklin Freightways for its first year of operations (data i ...



The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):
Pre

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: Overweight fines (not deductible for tax purposes) 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 Freightways experienced ( \( ? \) in millions) a: Tax liability of \( \$ 66 \) Tax liability of \( \$ 36 \) Tax liability of \( \$ 70.6 \) Tax benefit of \( \$ 10 \) due to the \( N O L \)


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$ Million Pretax Accounting Income $200 Add: Overweight fines
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