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Lander Company has an opportunity to pursue a capital budgeting project with a fiveyear time horizon. After careful study, Lander estimated the following costs and revenues for the project Cost of equipment needed $388,830 working capital needed $ 6?,836 Repair the equipment in two years 5 21,508 Annual revenues and costs: Sales revenues $426,308 Variable expenses $215,360 Fixed outofpocket operating costs $ 94,860 The piece of equipment mentioned above has a useful life of ve years and zero salvage value. Lander uses straightline depreciation for financial reporting and tax purposes. The company'su30'36 and its aftertax cost of capital is 11%. When the project concludes in ve years the working capital will be relea--stment elsewhere within the company Click here to view Exhibit 1381 and Exhibit 138-2. to determine the appropriate discount factoris] using tables. Required: 1. Calculate the annual income tax expense for each of years 1 through 5 that will arise as a resutt 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 nal answers to the nearest whole dollar.) Income tax expense Year '1 1. Income tax expense Year 1 Year 2 Year 3 Year 4 Year 5 2. Net present value