#13 Taylor United is considering overhauling its equipment to meet increased demand for its product. The cost of equipment overhaul is $4.18 million, plus $222,694.00 in installation costs. The firm will straight-line depreciate the equipment to zero using a 5-year recovery period. Additional sales from the overhaul should amount to $216,155.00 per year, and additional operating expenses and other costs (excluding depreciation) will amount to 35.00% of the additional sales. The firm has an ordinary tax rate of 36.00%. What is the operating cash flow for year 1 of this project? Submit Answer format: Currency: Round to: 2 decimal places