Question: 9 Agency Co had a decrease tax liability of $25 million and a decrease in deferred tax assets of $20 million for this year. The

Agency Co had a decrease tax liability of $25 million and a decrease in deferred tax assets of $20 million for this year. The taxable income was $360 million. The company is subject to a tax rate of 25%. The total income tax expense for the year in millions was:

1. 95 million

2. 85 million

3. 135 million

4. 45 million

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