tell me in a simple way about incremental investments and should depreciation matter in incremental investments? why is it in the second column where its -12 although it should be -28 and the same goes for the other picture.

ZAINA Annual Operating Cash Flows 1 2 3 4 200.0 200.0 200.0 200.0 Revenues - Op. costs -120.0 -120.0 -120.0 -120.0 -79.2 -108.0 -36.0 -16.8 - Deprec. expense Operating income (BT) 0.8 -28.0 44.0 63.2 - Tax (40%) 0.3 -11.2 17.6 25.3 Operating income (AT) 0.5 -16.8 26.4 37.9 79.2 108.0 36.0 16.8 + Deprec. expense Operating CF (Thousands of dollars) 79.7 91.2 62.4 54.7 IN CESA TECHNO AN ADO PAKISTAN PE Adobe E Convert PD or Excel Or Select PDF Ch 11-Ca Convert to Microsoft W Document Lang English (US) C Conv Edit PDF Lo Create PDF Comment Converter and s A agreemen Fie 7-Day Fr NIVERSI AN ADO Annual Operating Cash Flows 1 2 3 4 200.0 200.0 200.0 200.0 Revenues - Op. costs -120.0 -120.0 -120.0 -120.0 -79.2 -108.0 -36.0-16.8 - Deprec. expense Operating income (BT) 0.8 -28.0 44.0 63.2 - Tax (40%) 0.3 -11.2 17.6 25.3 Operating income (AT) 0.5 -16.8 26.4 37.9 79.2 108.0 36.0 16.8 + Deprec. expense Operating CF (Thousands of dollars) 79.7 91.2 62.4 54.7 N PAKISTAN CES & TECHNO PE Adobe En Convert PD or Excel On Select PDF Ch 11-Ca Convert to Microsoft W Document Lang English (US) C Conv Edit PDF o Create PDF Comment Converted and e s & agreemen F 7-Day Fr 28/40 99% Annual Operating Cash Flows, If Expected Inflation = 5% 1 2 3 4 Revenues 210 220 232 243 Op. costs (60%) -126 -132 -139 -146 -79 -108 -36 -17 5 -20 57 80 2 -8 23 - Deprec. expense - Oper. income (BT) - Tax (40%) Oper. income (AT) + Deprec. expense Operating cash flows 3 -12 34 79 108 36 82 96 70 27 PARD UNIVERSITY ERSITY OF 32 48 17 65 CES & CHNOLOGY IN