20. A 10-year warehouse expansion capital project is expected to generate anual revenues of $414,500, variable costs are 50% of sales, fixed costs of $14.000, and interest expenses of $26,000. The expansion project will require utilizing space that is currently rented at $50,000 per year (before tax). Assume that the project's $400,000 initial fixed asset cost will be depreciated by straight line to a zero-salvage value, and that the rental income would be lost if the expansion project is accepted. If the tax rate is 40 percent, what is the annual operating cash flow for the project? Show calculations.