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Which of the following statements is CORRECT? a. Under bonus depreciation, higher depreciation charges occur att = 0, and this increases the initial investment outlay and thus lowers a project's projected NPV b. Since depreciation is not a cash expense, it has no effect on cash flows and thus no effect on capital budgeting decisions. c. Under current laws and regulations, corporations must use straight line depreciation for all assets whose lives are 5 years or longer d. Using bonus depreciation rather than straight line depreciation would normally have no effect on a project's total projected cash flows, but it would affect the timing of the cash flows and thus the NPV. e. Corporations must use the same depreciation method (e.g. straight line or accelerated) for stockholder reporting and tax purposes. Temple Corp. is considering a new project whose data are shown below. The equipment that would be used has a 3-year tax life. Under the new tax law. the equipment used in the project is eligible for 100% bonus depreciation, so it will be fully depreciated at t= 0. The equipment would have a zero salvage value at the end of the project's life. No change in net operating working capital (NOWC) would be required. Revenues and operating costs are expected to be constant over the project's 3-year life. What is the project's NPV? Do not round the intermediate calculations and round the final answer to the nearest whole number. Risk-adjusted WACC 10.0% Equipment cost $64,100 Sales revenues, each year $51,100 Annual operating costs $21,300 Tax rate 25.096 a $10,008 b. $13,064 c. $11,877 d. $4,765 e. $7,506 Sub-Prime Loan Company is thinking of opening a new office, and the key data are shown below. The company owns the building that would be used, and it could sell it for $100,000 after taxes if it decides not to open the new office. Under the new tax law, the equipment used in the project is eligible for 100% bonus depreciation, so it will be fully depreciated at t = 0. At the end of the project's life, the equipment would have zero salvage value. No change in net operating working capital (NOWC) would be required for the project. Revenues and operating costs would be constant over the project's 3-year life. What is the project's NPV? (Hint: Cash flows are constant in Years 1-3.) Do not round the intermedinte calculations and round the final answer to the nearest whole number. WACC 10.0% Opportunity cost after taxes $100,000 Equipment cost $68,000 Annual sales revenues $148,000 Annual operating costs $52,000 Tax rate 25.0% a $28,053 b. $25,146 c. $42,146 d. $41,781 e. $11,053