Firm $\backslash ($ W $\backslash ),$ which has a $34$ percent marginal tax rate, plans to operate a new business that should generate $\backslash (\backslash$$ $51,000\backslash )$ annual cash flow and ordinary income for three years $($years $0,1,$ and $2).$ Alternatively, Firm W could form a new taxable entity $($Entity N$)$ to operate the business. Entity N would pay tax on the three$-$year income stream at a $24$ percent rate. The nondeductible cost of forming Entity N would be $\backslash (\backslash$$ $6,100\backslash ).$ Firm W uses a $5$ percent discount rate. Use Appendix A and Appendix B$.$ Required: a$.$ Complete the below tables to calculate NPV$.$ b$.$ Should it operate the new business directly or form Entity N to operate the business? Complete this question by entering your answers in the tabs below. Required B Complete the below tables to calculate NPV$.$ Note: Cash outflows should be indicated by a minus sign. Round discount factors to $3$ decimal places. Round intermediate calculations and final answers to the nearest whole dollar amount. Complete the below tables to calculate NPV$.$

Note: Cash outflows should be indicated by a minus sign. Round discount factors to $3$ decimal places. Round intermediate calculations and final answers to the nearest whole dollar amount.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|\}$

$\backslash$hline & Year $0$ & Year $1$ & Year $2\backslash \backslash$

$\backslash$hline Business operated by Firm W: & & & $\backslash \backslash$

$\backslash$hline After$-$tax cash flow at $34\backslash \%$ tax rate & & & $\backslash \backslash$

$\backslash$hline Discount factor $(5\backslash \%)$ & & & $\backslash \backslash$

$\backslash$hline Present value & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline NPV & & & $\backslash \backslash$

$\backslash$hline Business operated by Entity N: & & & $\backslash \backslash$

$\backslash$hline After$-$tax cash flow at $24\backslash \%$ tax rate & & & $\backslash \backslash$

$\backslash$hline Cost of forming Entity N & & & $\backslash \backslash$

$\backslash$hline Net cash flow & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline Discount factor $(5\backslash \%)$ & & & $\backslash \backslash$

$\backslash$hline Present value & $\backslash$$ $0$ & & $\backslash \backslash$

$\backslash$hline NPV & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$