Information for Hobson Corp. for the current year ($ in millions): 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 The applicable enacted tax rate for all periods is 25%. What should Hobson report as net income? Multiple Choice $265 million. $380 92 85 175 20 The applicable enacted tax rate for all periods is 25%. What should Hobson report as net income? Multiple Choice $265 million. $122 million. $188 million. $211 million