You are the manager of the new Westchester In$-$N$-$Out loca$$on$,$ and you are considering adding a $2$nd kitchen to keep up with LMU student demand. The loca$$on$$s annual revenue is currently $$10,000,000,$ and this expansion will add an addi$$onal $8\%$ in annual revenue. The associated annual costs for running the new kitchen are $$100,000.$ The new kitchen will cost $$3,000,000$ to build, it will operate for five years, a$$er which $$me it will be worthless, and it will be depreciated using the MACRs $5-$year rates. Addi$$onally$,$ you must purchase $$1,000,000$ in food service

machines, which have the same es$$mated five$-$year life with no salvage value. However, the kitchen equipment is depreciated using MACRs $3-$year rates. In$-$N$-$Out is subject to a $20\%$ tax rate and this project has a cost of capital of $7\%.$

a$.$ What are the periodic cash flows associated with the project?

Please provide work and show all steps using excel spreadsheet.