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$$ dollars$)$:$($Click on the following icon in order to copy its contents into a$$ spreadsheet.$)$

Year $1$

Year $2$

Revenues

$124\mathrm{.}6$

$157\mathrm{.}9$

COGS and Operating expenses other than depreciation

$42\mathrm{.}7$

$35\mathrm{.}4$

Depreciation

$28\mathrm{.}5$

$32\mathrm{.}3$

Increase in net working capital

$5\mathrm{.}5$

$8\mathrm{.}1$

Capital expenditures

$30\mathrm{.}2$

$43\mathrm{.}2$

Marginal corporate tax rate

$30$

$\%$

$30$

$\%$

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?