Information for Hobson Corp. for the current year (S in millions): $230 52 Income from continuing operations before tax Loss on discontinued operation (pretax) Temporary differences all related to operating income) Accrued warranty expense in excess of expense included in operating income Depreciation deducted on tax return in excess of depreciation expense Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 35 75 10 The applicable enacted tax rate for all periods is 25% What should Hobson report as net income? Multiple Choice $131 million. $72 million. $118 million. O $165 million