Question
Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax $ 225 Loss on discontinued operation (pretax) 50
Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax $ 225 Loss on discontinued operation (pretax) 50 Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income 80 Depreciation deducted on tax return in excess of depreciation expense 165 Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 19 The applicable enacted tax rate for all periods is 25%. How much tax expense on income from continuing operations would be reported in Hobson's income statement? (Round the final answer to 2 decimal places.)
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