Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax Loss on discontinued operation (pretax) $230 50 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 15 Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 5 The applicable enacted tax rate for all periods is 40% How should Hobson report tax on the discontinued operation? Multiple Choice A deferred tax asset of $20 million in the balance sheet Nondeductible portion of entertainment expense The applicable enacted tax rate for all periods is 40%. How should Hobson report tax on the discontinued operation? Multiple Choice A deferred tax asset of $20 million in the balance sheet. A tax receivable of $20 million in the balance sheet. None of these answer choices are correct A tax benefit of $20 million to net against the $50 million pretax loss