Problem $14$C$-3($Algo$)$ Income Taxes and Net Present Value Analysis $($L$014-8]$ Lander Company has an opportunity to pursue a capital budgeting project with a five$-$year time horizon. After careful study, Lander estimated the following costs and revenues for the project: $$380,000$ $ $75,000$ $$25,500$ Cost of equipment needed Working capital needed Repair the equipment in two years Annual revenues and costs Sales revenues Variable expenses Fixed out$-$of$-$pocket operating conta $$500,000$ $$255,000$ $$110,000$ The piece of equipment mentioned above has a useful life of five years and zero salvage value. Lander uses straightline depreciation for financial reporting and tax purposes. The company's tax rate is $30\%$ and its after$-$tax cost of capital is $11\%.$ When the project concludes in five years the working capital will be released for investment elsewhere within the company, Click here to view Exhibit $148-1$ and Exhibit $148-2,$ to determine the appropriate discount factors$)$ using tables. Required: $1.$ Calculate the annual income tax expense for each of years $1$ through $5$ that will arise as a result of this investment opportunity $2.$ Calculate the net present value of this investment opportunity. $($Negative amounts should be indicated by a minus sign. Round your final answer to the nearest whole dollar.$)1.$ Income tax expense