Scarlet Company has an opportunity to pursue a capital budgeting project with a five-year time horiton. After careful study. Scarlet estimated the following costs and revenues for the project: The piece of equipment mentioned above has a useful life of five years and zero salvage value. Scariet 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 11%. When the project concludes in five years the working capital will be released for investment elsewhere within the company. 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. Note: Negative amounts (including the tax expenses) should be indicated by a minus sign. Round your final answer to the nearest whole dollar