Question: Please Provide Detailed Working. Step by Step. Solution Provided in the Question. A ship that costs $55 million has an expected economic life of 15

Please Provide Detailed Working. Step by Step. Solution Provided in the Question.

A ship that costs $55 million has an expected economic life of 15 years. It is expected to earn annual revenues of $4.5 million against running costs of $750,000. Its projected disposal value after 15 years is S500,000. Assume straight line depreciation. What is the annual tax base? ($117,000)

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