A firm is considering leasing or buying a mower. The mower costs $1000 and can be depreciated according to the MACRS 3-year depreciation schedule (33%; 45%; 15%; and 7%). A maintenance contract will be purchased for $52 per year, payable at the start of each year, for 4 years. At the end of the fourth year, the mower is expected to have a value of $300. The firm is taxed at 30%

What is the operating cash flow associated with the purchase of this asset at the end of the first year?

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