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This is the labor savings less the tax impact and does not take into consideration the depreciation tax shield.
The Year 5 incremental cash flows are as follows: Operating cash flow: $30,000 labor cost savings × (1 ? .40) $18,000 Depreciation tax shield: ($100,000 / 5 × .40) 8,000 Total incremental cash flow $26,000
This is the labor savings and does not include the depreciation or the tax impact.
This answer uses the difference between the depreciation on the new machine in Year 5 and the depreciation on the current machine to calculate the depreciation tax shield for the Year 5 incremental cash flow. However, the current machine has been owned for 7 years already and has a 10 year life. Therefore, it has only 3 years of life and depreciation left, so by Year 5 of the new machine's life, there would be no depreciation taken on the old machine.