Based on the two projects and cash basis of accounting income statements, calculate the corresponding cash flows, taxes, After Tax Cash Flows, and the present value of after tax cash flows for each year (assuming an 8% discount rate). Be sure to complete all cells highlighted in yellow. Additionally, tell me if you had to pick between project 1 and project 2, which project would be more financially viable?? Which project is more financially viable?? 8% Cash Basis of Accounting Yr Yr Yr Yr Yr Yr Yr Yr Yr Yr Yr 5 0 1 2 3 4 6 7 00 8 9 10 Total Initial Investment in Project 1 (20,000) Revenue 100,000 120,000 140,000 160,000 170,000 170,000 160,000 140,000 120,000 100,000 1,380,000 5,000 Supplies Expense Interest Expense Depreciation Expense Salaries Expense 50,000 55,000 5,000 5,500 10,000 65,000 5,000 5,500 10,000 75,000 5,000 5,500 10,000 75,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 100,000 835,000 80,000 Net Income 14,500 24,500 44,500 49,500 59,500 59,500 49,500 29,500 9,500 (500) 340,000 Cash Flow (20,000) Tax (Marginal Rate 39%) 39% After Tax Cash Flow (20,000.00) Present Value of After Tax Cash Flow (20,000.00) Cash Basis of Accounting Yr Yr Yr Yr Yr Yr Yr Yr Yr 5 Yr 9 1 2 3 4 6 7 8 10 Total Initial Investment in Project 2 (20,000) Revenue 170,000 170,000 160,000 160,000 120,000 120,000 120,000 120,000 100,000 100,000 1,340,000 Supplies Expense Interest Expense Depreciation Expense Salaries Expense 5,000 5,500 10,000 65,000 5,000 5,500 10,000 75,000 5,000 5,500 10,000 75,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 90,000 5,000 5,500 10,000 80,000 50,000 55,000 100,000 835,000 Net Income 84,500 74,500 64,500 49,500 9,500 9,500 9,500 9,500 (10,500) (500) 300,000 Cash Flow (20,000) Tax (Marginal Rate 39%) 39% After Tax Cash Flow (20,000.00) Present Value of After Tax Cash Flow (20,000.00)