Nakama Corporation is considering investing in a project that would have a 4 year expected useful life. The company would need to invest $120,000 in equipment that will have zero salvage value at the end of the project. Annual incremental sales would be $400,000 and annual cash operating expenses would be $280,000. In year 3 the company would have to incur one-time renovation expenses of $72,000 Working capital in the amount of $12,000 would be required. The working capital would be released for use elsewhere at the end of the project. The company's tax rate is 30%. The company uses straight-line depreciation on all equipment. 12 The income tax expense in year 2 A company needs an increase in working capital of $28,000 in a project that will last 8 years. The company's tax rate is 30% and its after-tax discount rate is 7% Click here to view Exhibit 7B-1 to determine the appropriate discount factor(s) using table. The present value of the release of the working capital at the end of the project is closest to Note: Round your final answer to the nearest whole number. Last year the sales at Summit Corporation were $407,000 and were all cash sales. The expenses at Summit were $253,500 and were all cash expenses. The tax rate was 30%. The after-tax net cash inflow at Summit last year was