Essay
Creighton Corp., a textile manufacturer, reported net income of $258,000 in 2012. During 2012 Creighton reported a gain of $29,800 from the sale of three used delivery trucks. The gain was included as part of income from continuing operations. Assuming that the gain is a one-time event and that Creighton has an effective tax rate of 35% calculate Creighton's adjusted net income. Show all of your calculations for credit.
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