A proposed new project has projected sales of $147,900, costs of $74,820, and depreciation of $5,220. The tax rate is 33 percent. Calculate operating cash flow using the four different approaches.

Requirement 1:

The common calculation Approach (Do not round your intermediate calculations):

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Requirement 2:

The Bottom-Up Approach (Do not round your intermediate calculations):

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Requirement 3:

The Top-Down Approach (Do not round your intermediate calculations):

Requirement 4:

The Tax-Shield Approach (Do not round your intermediate calculations):