For my practice problems I have been assigned. Any help or tips on how to solve these problems is very appreciated
1. Crane Inc. is considering replacing the equipment it uses to produce to cranes. The equipment would cost $1.37 million, have a 12-year life, and lower manufacturing costs by an estimated $310,000 per year. The equipment will be depreciated using straight-line to a book value of zero. The required rate of return is 15% and the tax rate is 35%. Calculate the net income for this proposed project. (Round to two decimal places)