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ADT International Ltd is deciding whether to purchase equipment costing $919 000 that will enable it to reduce its labour costs by $253 000 per year for 5 years. The company expects to be able to salvage t equipment for $66 000 at the end. The CCA rate is20%. The company tax rate is 30%. All payments occur at the end of each year. Complete the following table to show the free cash flows each year. 3. Year 4 Year 5 Item Capital purchase al9,000 CCA tax shield Saving in labour Tax effect of saving Sale of machine Tax effect on sale 253,oc0 253,000 253,253 253,00o 305,7o 30s,o 305,60 305,10 305,Too (o(, 9,800 410,200 Total Free Cash Flow If ADT spends the $919 000 on the equipment as above, which has a CCA rate of 20%, and the tax rate is 30%, and if it plans to keep this equipment for ever: 4. (a) What is the PV of the CCA if ADT's cost of capital is 10% per annum? (b) By comparison, what would have been the tax saving if ADT was allowed to expense the full amount immediately