WineCo is considering an investment in a proposed project which requires an initial expenditure of $100,000 at t = 0. This expenditure can be depreciated at the following annual rates:

Year Depreciation Rate

1 20%

2 30

3 25

4 20

5 10

The project has an economic life of four years. The projects revenues are forecasted to be $90,000 a year. The projects operating costs (not including depreciation) are forecasted to be $55,000 a year. After four years, the projects estimated salvage value is $35,000. The companys WACC is 10 percent, and its corporate tax rate is 30 percent. Develop the relevant cash flows for this project.