Question $1(8$ marks$)$ Kappa Corp reported net income of $$480,000$ in $2024.$ During $2024,$ Kappa Corp reported a

loss of $$24,000$ from the sale of three specialized equipment. The loss was included as part of

income from continuing operations. Assuming that Kappa Corp has an effective tax rate of

$30\%$

$1\mathrm{.}1.$ Discuss whether you would adjust the item when using earnings to forecast the

future profitability of Kappa $(4$ marks $1\mathrm{.}2$ Calculate Kappa Corp's adjusted net income $($Show your calculation$)(4$ marks$)$