Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax Loss on discontinued operation (pretax) $230 10 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 10 10 Permanent differences (all related to operating income) : Nondeductible portion of entertainment expense The applicable enacted tax rate for all periods is 40 %. ur What should Hobson report as net income? Multiple Choice $135 million. Resu The applicable enacted tax rate for all periods is 40% What should Hobson report as net income? Multiple Choice $135 million. $130 million. $136 million, $96 million