Mekanix Limited spent $20,000 on research to identify the potential customer demand for widgets. Mckanix operate their business in a modern high technology factory. Management of the company are considering investing in new machine to produce widgets. This project would require the initial purchase and installation of equipment costing $180,000. Which will be depreciated fully using the straight-line 18 o method over 4 years for tax purposes. Mekanix has annual overhead expenses of $95,000 which includes rent of the factory and salary of executives. If Mekanix proceeds with the project there will initially be a need for an addition to working capital of \$9,000 which will be recovered in the final year of the project. The project is expected to be operational for five years. At the end of the fifth year the project is expected to be sold for $32,006. The project will produce 40,000 units annually which will be sold at $6.50 per unit. Operational expenses include a fixed cost of $15,000 annually and a cost of production of $3.00 per unit. The relevant tax rate is 25%. Calculate the free cash flows for the initial phase (Year 0), the ongoing phase (Years 1 -4) and the terminal phase (Year 5)