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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):
Pretax accounting income: $300 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 6 Depreciation expense 64 Depreciation in the tax return using MACRS: 112
The applicable tax rate is 37%. There are no other temporary or permanent differences.
Franklin's taxable income is:
a) $258.
b) $252.
c) $112.
d) $48.
Forecast the separate financial statements of Parent, Inc. Using Ms. Franklin's assumptions and Parent's 2008 financial statements, prepare pro forma 2009 financial statements for Parent, Inc., assuming that the acquisition is not attempted.
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