Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The companys discount rate is 14%. The project would provide net operating income in each of five years as follows: Sales 2,735,000, Variable expenses 1,000,000, Contribution margin 1,735,000 Fixed expenses: Advertising 735,000, Depreciation 595,000, Total fixed expenses 1,330,000, Net operating income 405,000 1. What item(s) in the income statement shown above will not affect cash flows? 2. What are the projects annual net cash inflows? 3. What is the present value of the projects annual net cash inflows