Company K has a 30 percent marginal tax rate and uses a 7 percent discount rate to compute NPV. The company started a venture that will yield the following before-tax cash flows: year 0, $12,000; year 1, $21,000, year 2, $24,000, year 3, $17,600. Use Appendix.A and Appendix B Required: a. If the before-tax cash flows represent taxable income in the year received, compute the NPV of the cash flows. b. Compute the NPV if Company K can defer the receipt of years 0 and 1 cash flows/income until year 2. (It would receive no cash in years 0 and 1 and would receive $57,000 cash in year 2.) c. Compute the NPV if Company K can defer paying tax on years 0 and 1 cash flows until year 2. (It would receive $24,000 cash in year 2 but would pay tax on $57,000 income.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C If the before-tax cash flows represent taxable income in the year received, compute the NPV of the cash flows. (Cash outflows should be indicated by a minus sign. Round discount factors to 3 decimal places. Round intermediate calculations and final answers to the nearest whole dollar amount.) Year 0 Year 1 Year 2 Year 3 Before-tax cash flow/taxable income $ 12,000 $ 21,000 $ 24,000 $ 17,600 Tax cost 3,600 After-tax cash flow $ 15,600 S 6,300 27,300 7,200 5,280 $ 31,200 22,880 Discount factor (7%) 0.935 0.873 0.816 Present value NPV $ 15.600 $ 25,526 S 27,238 $ 18,670 $ 46,864