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December 31, 1944, years 1945 - 6 and 7 were $34*032.47; $93,724.13; $113*122.01 and $135,934.33 respectively. Operating expenses - not including federal income taxes - amounted to $27,433.33 in 1944; $66,714.78 in 1945; $80,221.30 in 1946; and $98*941*56 for the yenr 1947. Federal income taxes, by the year, totalled $1,996.00; $7,965.00; $10,706 •00; and $13,719.00, respectively. the net operating income during the same period, after all taxes are deducted was $4,653.14; $19,044.40; $22,194.71; and $23,273.77, respectively. The company claims the rate of return on capital investment as 4.49# for the year 1944; 7.01# for 1945; 6.03# for 1946; and 6.98# for the year 1947. The rate of return is obtained by dividing the yearly operating income by the net rate base. The net rate base is arrived at by adding to the original book cost the amount of materials and supplies at the end of the year plus cash working capital, then deducting from this total the amount of accrued depreciation. j The Commission has disallowed a debit to the retirement reserve account for the year 1945 in the amount of $30,278.71 which the utility charged in the annual report as "book value of fixed capital withdrawn" amounting to $24,810.01 and two debit transfers. The company had credited the retirement reserve account with only the sum of $3,096.65 in the year 1944 and therefore could not charge back to this account the book value on plant property withdrawn during the year on which very little depreciation, if any, had previously been set up on the company’s books. The annual report for the year 1944 shows a credit transfer to the retirement reserve account amounting to $23,562.11. This sum, however, covers the accrued depreciation on two 360 h.p, diesel electric generating units transferred from the Needles, California, plant as testified to by the witness. The two diesel generating units were transferred to Winnemucca after the acquisition of the Winnemucca plant from the Western States Utilities Company and were listed as additions to the plant in the 1944 annual report. After making the necessary adjustment, as noted above, the rate of return on capital investment is 4.49# for the year 1944; -5 -*