Required information [The following information applies to the questions displayed below.] Beacon Company is considering automating its production facility. The initial investment in automation would be $8.79 million, and the equipment has a useful life of 7 years with a residual value of $1,160,000. The company will use straightline depreciation. Beacon could expect a production increase of 46,000 units per year and a reduction of 20 percent in the labor cost per unit. Required: 1-a. Complete the following table showing the totals. (Enter your answers in whole dollars, not in millions.) 1-b. Does Beacon Company favor automation? Yes No