jackrae:
AlbuinoAll other responders have basically stated that the dissipated power is indeed 48watts.
However, what you need to ask yourself is "Why do I not trust or believe calculations derived from very basic equations that I claim to understand"
This is not intended as a criticism but rather a suggestion that you need to enhance your experience in the application of theory before you replace it by intuition.
Very good way to look at this. If the math is right perhaps there may be something wrong with the circuit design that needs to be looked at.