Manning Corporation is considering a new project requiring a $90.000 investment in test equipment with no salvage value. The project would produce $73,500 of pretax income before depreciation at the end of each of the next six years The company's income tax rate is 32%. In compiling its tax return and computing its income tax payments, the company hoose between the two alternative depreciation schedules shown in the table. (PV of $1. FV of $1. PVA of S1, and can c EVA of S) (Use MACRS) (Use appropriate factor(s) from the tables provided.) Straight-Line Year 1 Year 2 Year 3 Year 4 Year 5 Depreciation s 9,000 18,000 18,000 18,000 18,000 ciation* $18,000 28,800 17,280 10,368 10,368 5,184 590,000 Year 69,80 $90,000 Totals The modified accelerated cost recovery system (MACRS) for depreciation is discussed in Chopter 8 Problem 24-3A Part 4 4, Compute the net present value of the investment if MACRS depreciation is used. Use 10% as the discount rate. Chart Values are Based on: Year Net Cash Inflow x PV FactorPresent Value