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nformation for Hobson Corp. for the current year ($ in millions): ...

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Accounting

nformation for Hobson Corp. for the current year ($ in millions):

Income from continuing operations before tax $ 270
Loss on discontinued operation (pretax) 50
Temporary differences (all related to operating income):
Accrued warranty expense in excess of expense included in operating income 20
Depreciation deducted on tax return in excess of depreciation expense 15
Permanent differences (all related to operating income):
Nondeductible portion of entertainment expense 5

The applicable enacted tax rate for all periods is 40%. How much tax expense on income from continuing operations would be reported in Hobson's income statement?

Multiple Choice

$110 million.

$112 million.

$108 million.

$88 million.

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