Problem 12-13 The Heritage Farm Implement Company is considering an investment that is expected to generate revenues of S3 million per year. The project will also involve annual cash expenses (including both fixed and variable costs) of $900,000, while increasing depreciation by $400,000 per year. If the firm's tax rate is 34 percent, what is the project's estimated net operating profit after taxes? What are the project's annual operating cash flows? Given Data: Revenues Depreciation Tax rate $3,000,000.00 (S400,000.00) 34% Cash Expenses (fixed and variable) ($900,000.00) 10 12 13 14 15 16 Gross Profit Net Operating Income Income Tax Expense Net Operating Profit after Taxes Operating Cash Flow Requirements 1 Start Excel. 2 In cell D11, by using cell references, calculate the project's gross profit. (1 pt.) 3 In cell D12, by using cell references, calculate the project's net operating income. (1 pt.) 20 12-13 Ready 0 Type here to search