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Determine the franklin net income

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Reference no: EM133176423

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

Pretax accounting income: $195

Pretax accounting income included:

Overweight fines (not deductible for tax purposes) 5

Depreciation expense 70

Depreciation in the tax return 110

The applicable tax rate is 25%. There are no other temporary or permanent differences.

Required - Determine the Franklin's net income?

Reference no: EM133176423

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