Example 2. Our firm has invested 10,000,000TL in year 0 and will start operating in year 1. In year 0, a working capital of 500,000 TL is provided for a start from the partners. The straight-line amortization method is employed for the next 6 years and salvage value will be 1,000,000 TL at the end of year 6. If corporate tax is 20%, prepare the net cash flow statement for years 0-6 and apply six investment criteria. (WACC = 15%) 2 3 Years Investment Level of Working Capital Income Expenditure 0 10,000,000 500,000 25% of income. 1 600,000 8,000,000 700,000 9,000,000 800,000 10,000,000 4 400,000 6,000,000 5 300,000 4,000,000 6 150,000