10. [Change in depreciable lives] Teekay Shipping [TK], a major owner of oil tankers, merged with Bona Shipholding in June 1999. Effective April 1, 1999 Teckay: revised the estimated useful life of its vessels from 201 years to 25 years. This change in accounting estimate resulted in a reduction of depreciation expense of $22.5 million or 62 cents per share for the nine-month period ended December 31, 1999. (Source: Annual Report] Teekay Shipping: Selected Financial Data ($thousands) Net voyage revenues Income from vessel operations Years Ended December 31 1998 1999 $327.016 S318,348 103.660 34.189

a. Compute Teckay's 1999 income from vessel operations as- suming that the company had not changed the estimated use- ful life of its ships