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Calculate banks adjusted net income

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Question - 1. Banks Corp. reported net income of $595,000 in 2012. During 2012 Banks reported a loss of $87,435 from a peripheral activity. The loss was included as part of income from continuing operations. Assuming that the loss is a one-time event and that Banks has an effective tax rate of 35%, calculate Banks' adjusted net income. Show all calculations.

2. In addition, discuss why analysts might make an adjustment of this type.

Reference no: EM133025672

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