Plutonic Inc. Had $400 Million In Taxable Income For The Current Year. Plutonic Also Had An Increase In Deferred

Plutonic Inc. had $400 million in taxable income for the current year. Plutonic also had an increase in deferred tax liabilities of $50 million and recognized tax expense of $80 million. The company is subject to a tax rate of 25%. The change in deferred tax assets (ignoring any valuation allowance) was a/an:Multiple Choice decrease of $70 million. increase of $30 million. decrease of $30 million. increase of $70 million. Income tax expense 80 Deferred tax assets ? Deferred tax liability 50Income tax payable ($400 25%) 100$100 + $50 - $80 = $70 The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is:Multiple Choice $110. $155. $160. Correct $40.The applicable tax rate is 25%. There are no other temporary or permanent differences.Franklin's balance sheet at the end of its first year would report:Multiple Choice A deferred tax liability of $10 million among noncurrentliabilities. Correct A deferred tax asset of $10 million amongcurrent asse ts. A deferred tax asset of $10 million among noncurrent assets. A deferred tax liability of $10 million among current liabilities.In 2020, HD had reported a deferred tax asset of $90 million with no valuation allowance.