Please solve these problems in step by step process. Thank you

10.00 points Bilboa Freightlines, S.A. of Panama has a small truck that it uses for local deliveries. The truck is in bad repair and must be either overhauled or replaced with a new truck. The company has assembled the following information (Panama uses the U.S. dollar as its currency) Present New Truck Truck Purchase cost new $33,000 $44,500 Remaining book value 18,000 Overhaul needed now 6,500 Annual cash operating costs 9.000 6.500 Salvage value now 11,500 Salvage value eight years from now 1.800 4.800 If the company keeps and overhauls its present delivery truck, then the truck will be usable for eight years. If new truck is purchased, it will be used for eight years, after which it will be traded in on another truck. The new truck would be in a in costs, as shown above. The company computes depreciation on a straight-line basis. All investment projects are evaluated using a 16% discount rate. Click here to view Exhibit 10-1 and Exhibit 10-2, to determine the appropriate discount factor(s) using tables Required: 1-a. Determine the present value of net cash flows using the total-cost approach. (Negative amounts should be indicated with a minus sign. Round discount factor(s) to 3 decimal place.) Present Value of Net Cash Flows Purchase the new truck Keep the old truck