Elmdale Enterprises is deciding whether to expand its production facilities. Although long-term cash flows are difficult to estimate, management has projected the following cash flows for the first two years (in millions of dollars): Revenues COGS and Operating expenses (other than depreciation) Depreciation Increase in working capital Capital expenditures Corporate tax rate 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? Year 1 129.4 46.8 27.8 4.9 31.3 20% Year 2 153.3 35.8 34.1 7.7 38.9 20% 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.) 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.)