Your company, CSUS Inc., is considering a new project whose data are shown below. The required equipment has the following accelerated depreciation rates 33.0%, 45.0%, 15.0%, and 7.0% for Years 1 through 4. Revenues and other operating costs are expected to be constant over the project's 10-year expected operating life. Salvage value is zero and working capital is not required. What is the project's Year 4 cash flow?

Equipment cost (depreciable basis) $70,000

Sales revenues, each year $48,000

Operating costs (excl. depr.) $25,000

Tax rate 35.0%

Question 12 options:

$18,831

$19,331

$16,665

$20,165

$15,498