Business, 31.12.2019 02:31 emmaty7845

Information for hobson corp. for the current year ($ in millions):

income from continuing operations before tax $150
loss on discontinued operation (pretax) 30
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
25
permanent differences (all related to operating income):
nondeductible portion of entertainment expense 5
the applicable enacted tax rate for all periods is 40%.

how much tax expense on income from continuing operations would be reported in hobson's income statement?

$56 million.

$60 million.

$62 million.

$50 million.

Answers: 1

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Information for hobson corp. for the current year ($ in millions):

income from continui...

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