Problem Three $--$ Cash Flows Puccini Corporation is considering the acquisition of a new multicolor printing system at a cost of $\backslash (\backslash$$ $300,000\backslash ).$ The acquisition of the machine will allow Puccini to expand its product line $--$ increasing sales by $\backslash (\backslash$$ $250,000\backslash )$ per year and variable costs by $\backslash (\backslash$$ $120,000\backslash )$ per year. There will be no increase in fixed costs, but in order to operate optimally, Puccini will need an additional $\backslash (\backslash$$ $60,000\backslash )$ of working capital $($cash tied up in inventory or accounts receivable$)$ for the duration of the project. At the end of the four$-$year life of the project, only $\backslash (50\backslash \%\backslash )$ of the working capital's value can be recovered. $($Working capital expenditures are not tax deductible and only the difference between the proceeds recovered and the book value has tax consequences$).$ For income tax purposes, the printing system is considered five$-$year MACRS property, with $\backslash (20\backslash \%\backslash )$ of cost deductible in the first year, followed by $\backslash (32\backslash \%,19\mathrm{.}2\backslash \%,11\mathrm{.}52\backslash \%,11\mathrm{.}52\backslash \%\backslash )$ and $\backslash (5\mathrm{.}76\backslash \%\backslash ),$ respectively. Puccini expects to be able to sell the used printing system for $\backslash (\backslash$$ $31,840\backslash )$ at the end of the fourth year. Puccini's average combined $($state and federal$)$ income tax rate is $\backslash (25\backslash \%\backslash ),$ and its combined marginal rate is $\backslash (30\backslash \%\backslash ).$ Required: Determine the relevant after$-$tax cash flows at time $0,$ times $1$ through $4,$ and at time $\backslash (4^\{*\}\backslash )($the end of project net proceeds$).$ Do not discount cash flows or find an IRR. Time $0$ Time $1$ Time $2$ Time $3$