Problem 14C-3 (Algo) Income Taxes and Net Present Value Analysis (L014-8) 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: $350,000 $72.000 $ 24,000 Cont of equipment needed Working capital needed Repair the equipment in two years Annual revenues and cost Sales revenuen Variable expenses Pixed out-of-pocket operating costs $470,000 $240,000 $104,000 The plece of equipment mentioned above has a useful life of five years and zero salvage value, Lander uses straight-line depreciation for financial reporting and tax purposes. The company's tax rate is 30% and its after-tax cost of capital is 13%. When the project concludes in five years the working capital will be released for Investment elsewhere within the company. Click here to view Exhibit 148 1 and Exhibit 148-2, 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 final answer to the nearest whole dollar) 1. Income tax expense Year 1 Year 2 Your 3 Year 4 Year 2 Not present value