Molima Corporation has provided the following information concerning a capital budgeting project: 
The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting.
Required:
Determine the net present value of the project. Show your work!
Definitions:
Accounting Changes
Amendments in accounting principles, estimates, or the reporting entity that affect the financial statements of a company.
Reported Earnings
Reported earnings refer to the net income of a company as stated in its income statement, in compliance with the relevant accounting standards.
Seizure of Collateral
The act of a lender taking possession of the collateral pledged against a loan in the event of default by the borrower.
Breach of Covenant
The violation of a term or condition set in a contractual agreement or bond covenant.
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