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Lander Company has an opportunity to pursue a capital budgeting project with a five-year time horizon. After careful study, Lander estimated the following costs and revenues for the project: Cost of equipment needed $300,000 Working capital needed $ 67,000 Repair the equipment in two years 5 21,500 Annual revenues and costs: Sales revenues $420,000 Variable expenses $215,000 Fixed out-of-pocket operating costs $ 94,000 The piece of equipment mentioned above has a useful life of ve years and zero salvage value. Lander uses straightline depreciation for financial reporting and tax purposes. The company's tax rate is 30% and its after-tax cost of capital is 11%. When the project concludes in ve years the working capital will be released for investment elsewhere within the company Click here to view Exhibit 1331 and Exhibit 13B2, to determine the appropriate discount factor(s) using tables. Required: 1. Calculate the annual income tax expense for each of years 1 through 5 that will arise as a result of this investment opportunity. 2. Calculate the net present value of this investment opportunity. (Negative amounts should be indicated by a minus sign. Round your nal answer to nearest whole dollar.)