Fool Proof Software Is Considering a New Project Whose Data

Fool Proof Software is considering a new project whose data are shown below.The equipment that would be used has a 3-year tax life,and the allowed depreciation rates for such property are 33%,45%,15%,and 7% for Years 1 through 4.Revenues and other operating costs are expected to be constant over the project's 10-year expected life.What is the Year 1 cash flow? $$\begin{array} { l r } \text { Equipment cost (depreciable basis) } & \$ 48,000 \\\text { Sales revenues, each year } & \$ 60,000 \\\text { Operating costs (excl. depr.) } & \$ 25,000 \\\text { Tax rate } & 35.0 \%\end{array}$$
?

A) $29,426
B) $33,387
C) $28,294
D) $28,860
E) $29,709