When calculating your net taavie ic Explain with an example Problem 3: (25 points Your regular business has a annual taxable income of $65000. You are investing in concrete mixing business which requires a concrete truck. The truck costs $47000 with initial set up cost of $2000. The truck requires annual operational expenses of $700. The expected revenue from the truck is $32,000 per year. The salvage value of the truck at the end of its useful life of 10 years is $12,000. You are allowed 200 percent double declining balance depreciation (Use table 5-6 for depreciation rates). Calculate your marginal and incremental income taxes for first two years with both the businesses. To solve this problem you may use the template provided on the next page