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7. PQR Company bought a tugboat for $32,000 and expected to use it for 5 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. If the company pays taxes at the rate of 25% on its taxable income, what is the net income during the first year? (8 Pts) Revenue Expenses Depreciation 200000 84000 4000 a. $75,000 b. $79,000