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

Income from continuing operations before tax $ 150

Loss on discontinued operation (pretax) 30

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 25

Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 5

The applicable enacted tax rate for all periods is 40%.

What is Hobson's income tax payable for the current year?

$48 million.

$52 million.

$44 million.

$50 million.