Omar Shipping Company bought a tugboat for $75,000 (year 0) and expectedto use it for five years after which it will be sold for $12,000. Suppose the companyestimates the following revenues and expenses from the tugboat investmentfor the first operating year:Operating revenue                                      $200,000Operating expenses                                     $8400Depreciation                                                 $4000  If the company pays taxes at the rate of 30% on its taxable income, what is the net income during the first year?

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