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%.

How much tax expense on income from continuing operations would be reported in Hobson's income statement?

$56 million.

$60 million.

$62 million.

$50 million.