Cannon Corp., a textile manufacturer, reported net income of $258,000 in 2017. During 2017, Cannon 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 Cannon has an effective tax rate of 20%, calculate Cannons adjusted net income. Show all of your calculations. In addition, discuss why analysts might make an adjustment of this type.

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