Elmdale Enterprises is deciding whether to expand its production facilities. 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 3. What are the incremental earings for this project for years 1 and 2? b. What are the free cash flows for this project for the first two years? Year 1 101.2 48.9 29,6 3.7 28.8 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.) Year 2 163.4 48.8 30.7 8.3 36.3 20%