The following information relates to franklin freightways for its first year of operations (data in millions of dollars): pretax accounting income: $ 250 pretax accounting income included: overweight fines (not deductible for tax purposes) 6 depreciation expense 67 depreciation in the tax return using macrs: 105 the applicable tax rate is 32%. there are no other temporary or permanent differences. franklin's taxable income ($ in millions) is:

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)