1. Compute the annual depreciation tax savings for BASF (ticker: D:BAS) over the last five years. Use an average tax rate (income taxes divided by pretax income from the income statement) for each year. How has depreciation tax savings changed for BASF over these years?
2. Calculate changes in net working capital for Circuit City Stores, Inc. (ticker: CC) over the last five years. For each year, determine if the change represents a cash inflow or a cash outflow for the company. From the balance sheet, identify source(s) for this change.