2. A company decided to start a project cost of `12,000, part of which will be financed by long term debt. Following are the expected results for first year of the project:

(i) Sales: 5000 units @`50

(ii) Variable cost per unit `30 and Fixed operating cost `18,000 (excluding depreciation)

(iii) Depreciation: as per books of accounts `20,000 as per Income tax rates `24,000

(iv) Interest on loan (to finance the project) `8,000 and applicable tax rate 30%.

You are required to calculate net cash flow (NCF) for the first year.