22) (10 points) Mineralstate Resources (from the previous problem) believes that replacing their nickel refinery with the new cobalt refinery will increase operating revenues by 30,000 in the first year of operation. Cost of operation was $330,000 each year for the nickel refinery. Because of greater automation, operating costs will be just $270,000 for the cobalt refinery. The Cobalt refinery will be depreciated using 7-year MACRS, as was the nickel refinery which is now fully depreciated. Mineralstate has a 21% marginal tax rate. What will be the net operating cash flow in YEAR ONE? 21) (10 points) Mineralstate Resources is considering building a cobalt refinery in Idaho. The refinery is expected to cost $800,000. If the project is undertaken, Mineralstate will close their existing nickel refinery on the site, which is fully depreciated. The nickel refinery would be disassembled and shipped to Canada. The Canadian purchaser would pay Mineralstate $200,0000 and handle all costs of dismantling and shipping. An additional $60,000 working capital will need to be invested in the new refinery, over that required for the old one. Mineralstate has a 21% marginal tax rate. What is the Net Investment (NINV) for the cobalt refinery