Calculate the required problems with steps showing calculations for answer not through excel.

6. Harper Corporation has the following information about the purchase of a new piece of equipment:| Cash revenues less cash expenses $50,000 per year Cost of equipment $130,000 Salvage value at the end of the 8th year $22,000 Increase in working capital requirements $35,000 Tax rate 25 percent Life 8 years The cost of capital is 13 percent. Required: a. Calculate the following assuming straight-line depreciation: i Calculate the after-tax net income for each of the eight years, ii. Calculate the after-tax cash flows for each of the eight years. iii. Calculate the after-tax payback period. iv. Calculate the accrual accounting rate of return on original investment for each of the eight years. V. Calculate the net present value (NPV). vi. Calculate the internal rate of return (IRR). b. Calculate the following assuming that depreciation expense is $24,000, $21,000, $18,000, $15,000, $12,000, $9,000, $6,000 and $3,000 for years 1 through respectively: i. Calculate the after-tax cash flows for each of the eight years. ii. Calculate the after-tax payback period. iii. Calculate the net present value (NPV). iv. Calculate the internal rate of return (IRR)