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Asset Acquisition (C) (40 points) Joshua Corporation retained a consultant to gather data and provide guidance concerning the introduction of a new product line. The consultant's fee was $60,000 and resulted in the following projections: By acquiring a new machine for $800,000 and training its employees to use the machine (at an immediate outlay of $45,000), Joshua could produce a new product that would contribute $210,000 annually to before- tax profits for fifteen years. The profits are expected to grow annually at 2.5% -- matching the Inflation rate. The machine qualifies as 5-year MACRS property with cost recovery percentages of 20%%, 30%, 20%, 12%, 12% and 6% (percentages rounded from the actual schedule). The machine will occupy a space that is currently vacant, but could be subleased to a tenant for $35,000 per year for fifteen years with no rent increases. Joshua will need to invest $40,000 in spare parts and supplies at the onset of the project but expects to recover 75% of this when the project ends. Differences between the acquisition costs and recoveries give rise to taxable events. At the end of the project's fifteen-year life, Joshua will have to spend $45,000 to dismantle the new machine. Joshua is in the combined marginal 38% income tax bracket and has an average income tax rate of 33%. Training costs are wholly tax deductible when incurred as is the consultant's fee. Joshua's after-tax required rate of return on similar projects is 16% per annum. Required: Determine the Net Present Value (NPV) of the proposed project