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Toying With Nature wants to take advantage of children's fascination with dinosaurs by adding several scale- model dinosaurs to its existing product line. Annual sales of the dinosaurs are estimated at 80,000 units at a price of $6 per unit. Variable manufacturing costs are estimated at $2.50 per unit, incremental fixed manufacturing costs (excluding depreciation) at $48,000 annually, and additional selling and general expenses related to the dinosaurs at $56,000 annually. To manufacture the dinosaurs, the company must invest $350,000 in design molds and special equipment Since toy fads wane in popularity rather quickly, Toying With Nature anticipates the special equipment will have a three-year service life with only a $20,000 salvage value. Depreciation will be computed on a straight-line basis. All revenue and expenses other than depreciation will be received or paid in cash. The company's combined federal and state income tax rate is 40 percent. Required: a. Prepare a schedule showing the estimated increase in annual net income from the planned manufacture and sale of dinosaur toys. b. Compute the annual net cash flows expected from this project. c. Compute the following. Assume discounted at an annual rate of 15 percent. Use Exhibits 26-3 and 26-4 where necessary. Required A Required B Required C Prepare a schedule showing the estimated increase in annual net income from the toys. TOYING WITH NATURE Schedule of Estimated Net Income Estimated sales $ 480,000 $ Less estimated incremental costs: Variable manufacturing costs Fixed manufacturing costs Depreciation expense Selling and general expenses 200,000 48,000 110,000 56,000 Income before income taxes 414,000 66,000 26,400 Income taxes expense Required A Required B Required C Compute the annual net cash flows expected from this project. Annual net cash flow $ 149,600 Required A Required B Required C Compute the following. Assume discounted at an annual rate of 15 percent. Use Exhibits 26-3 and 26-4 where nece (Round your "PV factors" to 3 decimal places, payback period and the return on average investment answers to 1 dec place. Round net present value to the nearest whole dollar amount.) (1) Payback period (2) Return on average investment (3) Net present value 2.3 years 21.4% 4,697 $