Need income statement and cash flow statement. Show annualized entries for revenue, itemized expenses taxable income, taxes, investment activities and net cash flow.

Company, Lakeview Products, is considering a new injection molding machine. uses MARR of 10%, effective income tax rate is 24%. The injection molding machine would depreciate using 7-year MACRS. Useful life: 8 years.

Project Gold data: Equipment cost: The purchase cost is $320,000 before taxes. The purchase is subject to 5 % sales tax. The total cost of the freight and handling of the machine is expected to be $26,000. The total cost to install the machine is $18,000. Total testing and startup costs to place the injection molding machine into service are estimated to be $14,000. It is estimated that the injection molding machine can be sold as salvage for $90,000 at the end of the project. Operating costs: This machine requires two operators working per shift and there are two shifts. The cost of each operator is $24.00 per hour and they each work 2000 hours per year. There are two shifts and each shift runs 2000 hours per year. Total annual direct materials are estimated at $410,000. Manufacturing overhead exclusive of depreciation is expected to be an additional $170,000 per year. Revenues: Expected to be $900,000 each year starting year 1 using this machine throughout the project