$1\mathrm{.}1$ Define depreciation.

$1\mathrm{.}2$ Explain what depreciable property is$.$

$1\mathrm{.}3$ Discuss the difference between income and property taxes.

$1\mathrm{.}4$ Briefly explain why taxes and depreciation must be considered when cash flows generated by new business ventures, replacement decisions or new projects are determined, and decisions are made regarding the economic viability of such decisions.

$1\mathrm{.}5$ Calculate the annual depreciation expense using the straight$-$line method for an asset with an initial cost of R$60,000,$ an estimated salvage value of R$6,000,$ and a useful life of $6$ years

$1\mathrm{.}6$ Assume that a company has a project that qualifies for a depreciation allowance under Section $12$C and that the following information applies:

Cost of project $($excluding VAT$)$ R$90$m

Annual net operating revenues generated $q,$ R$20$m

Section $12$ C allowance for a specific year $..q,20\%$

Corporate tax rate $?8\%$

Determine the cash flow for the year.