A firm is considering a project with the following information:

Project will require purchase of a machine for $115,372.00 that is MACRS depreciable over a five-year schedule. (no depreciation until end of year 1).

Project will require immediate non-depreciable expenses of $25,214.00 TODAY (year 0).

Project will have the following projected balance sheet values of NWC:

YEAR	0	1	2
NWC Level	$4,000	9.00% of sales	10.00% of sales

Sales for the project will be $57,916.00 per year, with all other expenses (excluding depreciation) at 40.00% of sales.

The tax rate for the firm is 35.00%, while the cost of capital is 14.00%

*assume project goes beyond two years

What is the projects cash flow for year 1?

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Answer format: Currency: Round to: 2 decimal places.