1. Michela Corporation expects the following revenues, cash expenses, and depreciation charges in the future: Year 1 2 3 Revenues $89,000 $106,000 $145,000 Cost of goods sold $38,000 $49,000 $53,000 Selling expenses $11,000 $13,000 $14,000 $10,000 $11,000 $12,000 Other cash operating expenses Depreciation $9,500 $13,500 $15,000 Michela is in the 22 percent tax bracket. Please compute the after-tax cash flows from op- erations for this investment for each of the years. 2. Albert Corporation estimates above the business needs 4 percent of revenues as a cash balance, 11 percent of revenues as an inventory balance, 6 percent of revenues an accounts payable balance, and 5 percent of revenues as accrued expenses balance. All these bal- ances would be needed at the beginning of each year and are estimated from the year-end annual estimates of revenues and cash expenses given below: Year 2 3 Revenues $100,000 $150,000 $200,000 Please calculate the account balances for cash, inventory, accounts payable, and accrued expenses for years 0,1,2