1. The Circle-M Company is planning to make a P200,000 investment into a new piece of equipment to replace an old piece of equipment. The old equipment has P20,000 book value, and can be sold for P15,000. The new equipment will require Circle-M to increase working capital by P15,000 (which will be recovered at the end of this investment's life). The new equipment has a 10-year life and will generate annual revenue of P80,000 and out-of-pocket expense of P40,000. In addition, Circle-M will recognize depreciation expense using the straight-line depreciation method. Despite an expectation that the new equipment can be sold for approximately P30,000 at the end of its life, for tax purposes Circle-M can base depreciation on zero salvage value (i.e., can fully depreciate the asset to P0). Circle- M's average tax rate is 40%. What is the net cash investment, the annual net operating cash flow, and the net cash on disposal for this new capital asset