difficult to estimate, management has projected the following cash flows for the first two years (in millions of dollars): Year 1 Revenues 113.7 COGS and Operating expenses (other than depreciation) 43.1 Depreciation 28.6 Increase in working capital 3.7 Capital expenditures 32.5 Corporate tax rate 20% a. What are the incremental earnings for this project for years 1 and 2? b. What are the free cash flows for this project for the first two years? a. What are the incremental earnings for this project for years 1 and 2? The incremental earnings for year 1 is $ million. (Round to one decimal place.) Year 2 152.2 53.6 34.3 8.1 41.6 20% The incremental earnings for year 2 is $ million. (Round to one decimal place.) b. What are the free cash flows for this project for the first two years? The free cash flow for year 1 is $ million. (Round to one decimal place.) The free cash flow for year 2 is $ million. (Round to one decimal place.)