Firm X has the opportunity to invest $243,000 in a new venture. The projected cash flows from the venture are as follows. Use Appendix A and Appendix B. Year 6 Year 1 Year 2 Year 3 Initial investment Revenues Expenses $ (243,000) $ 37,600 (22,560) $ 37,600 (5,640) Return of investment $ 37,600 (5,640) 243,000 Before-tax net cash flow $ (243,000) $ 15,040 $ 31,960 $ 274,960 Firm X uses an 8 percent discount rate, and its marginal tax rate over the life of the venture will be 20 percent. Required: a1. Complete the below table to calculate NPV. Assume that the revenues are taxable income, and the expenses are deductible. a2. Should firm X make the investment? b1. Complete the below table to calculate NPV. Assume that the revenues are taxable income, but the expenses are nondeductible. b2. Should firm X make the investment? Complete this question by entering your answers in the tabs below. Req Al Req A2 Req B1 Req B2 Complete the below table to calculate NPV. Assume that the revenues are taxable income, and the expenses are deductible. Note: Cash outflows and negative amount should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, all other intermediate calculations and final answers to the nearest whole dollar amount. Year 0 Year 1 Year 2 Year 3 Before-tax cash flow Tax cost $ (243,000) 15,040 31,960 274,960 Net cash flow $ 15,040 $ 31,960 $ 274,960 Discount factor (8%) Present value $ (243,000) NPV Firm X has the opportunity to invest $243,000 in a new venture. The projected cash flows from the venture are as follows. Use Appendix A and Appendix B. Initial investment Revenues Expenses Year 8 $ (243,000) Year 1 Year 2 Year 3 $ 37,600 (22,560) $ 37,600 (5,640) $ 37,600 (5,640) Return of investment 243,000 Before-tax net cash flow $ (243,000) $ 15,040 $ 31,960 $274,960 Firm X uses an 8 percent discount rate, and its marginal tax rate over the life of the venture will be 20 percent. Required: a1. Complete the below table to calculate NPV. Assume that the revenues are taxable income, and the expenses are deductible. a2. Should firm X make the investment? b1. Complete the below table to calculate NPV. Assume that the revenues are taxable income, but the expenses are nondeductib b2. Should firm X make the investment? Complete this question by entering your answers in the tabs below. Req Al Req A2 Req B1 Req B2 Complete the below table to calculate NPV. Assume that the revenues are taxable income, but the expenses are nondeductible. Note: Cash outflows and negative amount should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, all other Intermediate calculations and final answers to the nearest whole dollar amount. Year 0 Year 1 Year 2 Year 3 Before-tax cash flow Tax cost Net cash flow Discount factor (8%) Present value NPV $ 0 $ $ Show less