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问一道题：NO.PZ201601200500001101

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问题如下：

1. Economic income during year one is closest to:

选项：

23,186.

29,287.

46,101.

解释：

Economic income = Cash flow $-$ Economic depreciation

Economic income (Year 1) = $C F_{1} - (V_{0} - V_{1})$ After-tax operating cash flow (CF) = (S $-$ C $-$ D)(1 $-$ T) + D + After-tax salvage = EBIT(1 $-$ T) + D + After-tax salvage

$C F_{1}$ = 58,000

$V_{0} = \frac{58, 000}{1.12} + \frac{64, 000}{{1.12}^{2}} + \frac{70, 000}{{1.12}^{3}} + \frac{76, 000}{{1.12}^{4}} + \frac{76, 000}{{1.12}^{5}} = 244, 054.55$

$V_{1} = \frac{64, 000}{1.12} + \frac{70, 000}{{1.12}^{2}} + \frac{76, 000}{{1.12}^{3}} + \frac{76, 000}{{1.12}^{4}} = 215, 341.10$

Economic income (Year 1) = 58,000 $-$ (244,054.55 $-$ 215,341.10)

Economic income (Year 1) = 58,000 $-$ 28,713.45 = 29,286.55

答案解析说Economic income (Year 1) = After-tax operating cash flow (CF) = (S C D)(1 T) + D + After-tax salvage = EBIT(1 T) + D + After-tax salvage 。economic income不是应该是cash flow 减去economic depreciation的吗？这里好像没有economic depreciation？另外，Economic income (Year 1) = After-tax operating cash flow (CF) = (S C D)(1 T) + D + After-tax salvage 后面加上了税后残值，残值不是属于固定资产的吗？而固定资产不是应该属于non-operating 部分的吗？谢谢解答。

问一道题：NO.PZ201601200500001101

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