use Capital Cost Allowance and the Best Time to Sell Assets (for depreciation method). Show the EBIT before apply the tax rate. Show step by step calculations. If excel please show formula. thanks

(a)You want to open Louie's place, a restaurant in Quebec City.You plan to run the restaurant for two years and then retire. Start-up costs (kitchen equipment and supplies, renovations, furniture, fixtures, and the point-of-sales system), to be incurred immediately, are $500,000. Assume that all of the assets are in Class 8 and depreciated at 20%. The assets can be sold for $360,000 after two years. The restaurant will be open for 300 nights per year and you expect 100 diners per night who each purchase $50 worth of food and beverages. You forecast operating cash flows of 12.86% of sales in Year 1 and 13.39% of sales in Year 2. Assume that all revenues and operating expenses are received (paid) at the end of each year. The small business tax rate is 20%. When the restaurant opens you will have to invest in an inventory of wine, beer and liquor costing $80,000.

What is the NPV for the proposed acquisition if the cost of capital is 10%? Provide a clear concluding statement that summarizes your result.