Huonville Farming Co. Ltd (HFC) is a company in the aquacultural industry that specialises in farming aquatic organisms. HFC is considering opening a new farm near Huon Valley. This project would involve the purchase of 25 hectares of land at a price of $2,000,000 (Note that: The land is not subject to depreciation for accounting and tax purposes). In addition to that, the company will need to purchase ten special heavy equipment which cost $240,000 each. The equipment is expected to be in use for 6 years and after that, it will be scrapped without any residual value. Each piece of equipment will incur a $15,000 maintenance cost per year. It is assumed that the farm will first be in operation at the beginning of the next financial year: 1 July 2023.