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Relevant cash flows for a marketing campaign Marcus Tube, a manufacturer of high-quality aluminum tubing, has maintained stable sales and profits over the past 10 years. Although the market for aluminum tubing has been expanding by 3% per year, Marcus has been unsuccessful in sharing this growth. To increase its sales, the firm is considering an aggressive marketing campaign that centers on regularly running ads in all relevant trade journals and exhibiting products at all major regional and national trade shows. The campaign is expected to require an annual tax-deductible expenditure of $141,000 over the next 5 years. Sales revenue, as shown in the income statement for 2020 totaled $19,300,000. If the proposed marketing campaign i not initiated, sales are expected to remain at this level in each of the next 5 years, 2021 through 2025. With the marketing campaign, sales are expected to rise to the levels shown in the table for each of the next 5 years; cost of goods sold is expected to remain at 72% of sales, general and administrative expense (exclusive of any marketing campaign outlays) is expected to remain at 9% of sales; and annual depreciation expense is expected to remain at $480,000. Assuming a 21% tax rate, find the net cash flows over the next 5 years associated with the proposed marketing campaign. The annual operating cash flow without the marketing campaign will be (Round to the nearest dollar.) Calculate the net profits after taxes and operating cash flows with the marketing campaign below: (Round to the nearest $1,000.) Marcus Tube Calculation of Relevant Cash Flow ($000) - Data table Data table 2021 Sales $ $ (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) $ $ $19,300,000 13,896,000 $5,404.000 $ Cost of good sold (72%) Gross profit Less: Operating expenses General and administrative expense (9%) Marketing campaign Depreciation Total operating expenses Net profit before taxes Less: Taxes (21%) Net profit after taxes Operating cash flow Incremental cash flow Marcus Tube Sales Forecast Year Sales revenue 2021 $19,800,000 2022 20,300,000 2023 20.800.000 2024 21,800,000 2025 22,800.000 $ Marcus Tube Income Statement for the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold (72%) Gross profits Less: Operating expenses General and administrative expense (9%) Depreciation expense Total operating expense Earnings before interest and taxes Less: Taxes (21%) Net operating profit after taxes $ $ $1,737,000 480,000 $2,217,000 $3,187,000 669,270 $2,517,730 $ $ Print Done $ Print Done