Mini Corp is considering a project that will require them to produce 20,000 units per year and sell them for $12 each. The project has a three-year life and sales units will grow by 3% per year. Variable costs for this project are 22%; fixed costs are $80,000; and depreciation is $45,000.

This project requires a capital investment of $100,000 and a net working capital investment of $30,000. Annual working capital requirements be 14% of revenue. At the end of the project, the company will sell the equipment for $40,000. Mini Corp's tax rate is 38%.

Required: Prepare the cash flows for this project.