MNO Ltd. has three potential projects under consideration. Project A requires an initial investment of $150,000 with expected cash inflows of $40,000 in year one, $60,000 in year two, $70,000 in year three, and $50,000 in year four. Project B requires an initial investment of $180,000 with expected cash inflows of $50,000 in year one, $70,000 in year two, $80,000 in year three, and $60,000 in year four. Project C requires an initial investment of $200,000 with expected cash inflows of $60,000 in year one, $80,000 in year two, $90,000 in year three, and $70,000 in year four.

Requirements:

1. Calculate the NPV for each project using a 9% discount rate.
2. Determine the PI for each project.

Prepare a statement of changes in equity for the chosen project.