Information for hobson corp. for the current year ($ in millions): income from continuing operations before tax $ 250 loss on discontinued operation (pretax) 50 temporary differences (all related to operating income): accrued warranty expense in excess of expense included in operating income 10 depreciation deducted on tax return in excess of depreciation expense 15 permanent differences (all related to operating income): nondeductible portion of entertainment expense 10 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 $90 million. $104 million. $102 million. $100 million.

104 million

Explanation:

A = Income from continuing operations before tax

B = Accrued warranty expense in excess of expense  included in operating income

C = Depreciation deducted on tax return in excess of  depreciation expense

D = Nondeductible portion of entertainment expense

E = Applicable enacted tax rate for all periods

Tax payable = (A - B - C + D) * E

Tax payable = (250 - 10 - 15 + 10) * 40% = 235 * 40% = 94 million

Deferred tax = (B + C) * E

Deferred tax = (10 + 15) * 40% = 25 * 40% = 10 million

Total tax expense = Tax payable + Deferred tax

= 94 million + 10 million = 104 million

Hope this helps!

anjan should should report alteast 5000 on the first apyment and 10,000 each year

explanation:

answer; institution based;