1. Four years ago ABB purchased an asset for $300,000 with an estimated salvage of $60,000. Depreciation was $60,000 per year. The following annual gross incomes and expenses were recorded. The asset was sold for $60,000 after 4 years. (a) Tabulate the cash flows by hand after an effective 32% tax rate is applied. Use the format of Table 17-3. (b) Continue the table above and calculate the net income (NI) estimates. Year of ownership Gross income, Expenses, $ 4 $ 80,000 150,000 120,000 100,000 20,000 -40,000-30,000 50,000