NO.PZ2018103102000068
问题如下：
The Senior VP of Acquisitions for RN fund asks Jacques to evaluate a potential investments-a family-owned Cosmetics company TMT. Jacques has obtained the recent an excerpt of the income statement and additional data needed to calculate normalized earnings as follows. Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current debt is not optimal, and can be replaced with a lower interest rate. The normalized earning after tax for TMT is closest to:
选项：
A.$90,285,000
B.$67,112,000
C.$53,124,000
解释：
A is correct.
考点：Normalized earnings
解析：A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalized earnings等于$90,285,000。
Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company.
这句话不是代表前者增加（9000000）而后者减少（6000000）吗？为什么答案当中是加上6300000而减去9000000呢？
