ANSWER AND SHOW WORK IN EXCEL ATTACHED IS QUESTION : 9s. 8 Omar Shipping Company bought a tugboat for $75,000 (year 0) and expected to
ANSWER AND SHOW WORK IN EXCEL ATTACHED IS QUESTION : 9s. 8 Omar Shipping Company bought a tugboat for $75,000 (year 0) and expected to use it for five years after which it will be sold for $12,000. Suppose the company estimates
the following revenues and expenses from the tugboat investment for the first operating year:
Operating revenue
$200,000
Operating expenses
$84,000
Depreciation
$4,000
If the company pays taxes at the rate of 30% on its taxable income, what is the net income during the first year?
a. $28,700
b. $81,200
c. $78,400
d. $25,900
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