4. Texas Instruments (TI) has put into place new laboratory equipment for the production of chemicals; it is installed for $2,000,000. The throughput rate for in-process test samples has increased the capacity of the lab, yielding a net profit of $700,000 per year. Depreciation is based on MACRS-GDS (table next page) and the equipment is in the 5- year property class. TI borrows 60% of all capital needed and the borrowing rate is 12%. The principal will be paid back in equal amounts over 4 years. (20 points) a. Determine the taxable income for the Second year. b. Determine the income tax for the Second year assuming a tax rate of 30%. C. Determine the after-tax cash flow for the Second year