b. Can you suggest a better way to assess a cost of the office space used by the project? 13. Cash Flows and Working Capital. A firm had after-tax income last year of $1.2 million. Its depreciation expenses were S.4 million, and its total cash flow was $1.2 million. What hap- pened to net working capital during the year? (LO4) 14. Cash Flows and Working Capital. The only capital investment required for a small project is investment in inventory. Profits this year were $10,000, and inventory increased from $4,000 to $5,000. What was the cash flow from the project? (L04) 15. Cash Flows and Working Capital. A firm's balance sheets for year-end 2008 and 2009 con- tain the following data. What happened to investment in net working capital during 2009? All items are in millions of dollars. (L04) Dec 31, 2008 32 25 Dec. 31, 2009 36 Accounts receivable Inventories Accounts payable 30 26 12