QUESTION 11 a. A company has reported a large restructuring expense in the current period. Kobe believes the expense should be treated as a non-recurring item. Carmelo believes the expense should be treated as a recurring item. Both perform a valuation analysis on the company. It is most likely that: Kobe will present a lower valuation, because the present value of earnings will be lower. Carmelo will present a higher valuation, because the present value of earnings will be higher. Carmelo will present a lower valuation, because the required return will be lower. Kobe will present a higher valuation, because the present value d. of earnings will be greater. b. C