122 PROJECT CASH FLOW Colsen Communications is trying to estimate the first-year cash flow (at Year 1) for a proposed project. The assets required for the project were fully depre- ciated at the time of purchase. The financial staff has collected the following information on the project: Sales revenues Operating costs Interest expense $15 million 13.5 million 1 milion The company has a 25% tax rate, and its WACC is 1194 a. What is the project's cash flow for the first year it - 1)? b. If this project would cannibal other protects by sos million of cash flow before taxes per year, how would this change your answer to parta