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Elmdale Enterprises is deciding whether to expand its production facilities. Although long-term cash flows are difficult to estimate, management has projected the following cash flows for the first two years (in millions of dollars): Revenues COGS and Operating Expenses (other than depreciation) Depreciation Increase in Net Working Capital Capital Expenditures Marginal Corporate Tax Rate Year 1 128.6 42.7 22.9 2.6 26.9 35% Year 2 169.2 66.9 44.9 8.6 40.8 35% a. What are the incremental earnings for this project for years 1 and 2? (Note: Assume any incremental cost of goods sold is included as part of operating expenses.) b. What are the free cash flows for this project for years 1 and 2? a. What are the incremental earnings for this project for years 1 and 2? (Note: Assume any incremental cost of goods sold is included as part of operating expenses.) Calculate the incremental ear of this project below: (Round to one decimal place.) Incremental Earnings Forecast (millions) Year 1 Sales $ Operating Expenses $ Sales $ Operating Expenses Depreciation EBIT $ $ Income tax at 35% $ Unlevered Net Income $