25. Thornley Machines is considering a 3-year project with an initial cost of $618,000. The project will not directly produce any sales but will reduce operating costs by $265,000 a year(i.e., Sales-Costs 265,000). The equipment is depreciated according to the MACRS 3- year class. At the end of the project the equipment will be sold for an estimated $60,000. Th tax rate is 34%. The project will require $23,000 in extra inventory for spare parts and accessories. Thornley's requires a 9% rate of return. Find (remembering to set up the depreciation schedule for the fixed asset first) (i)The project's time 0 cash flow. (ii)The project's operating cash flow for years 1,2, 3, (ii) The project's non-operating (terminal) cash flows, (iv) The project's NPV. Should it be invested in? ha hae declared a 15% stock dividend