An investment (equipment) costs $156,000 cash in its first year of operation and it is expected to have a residual value of $18,000 cash at the end of its four-year useful life. The equipment produces a product that is expected to generate annual sales of 4,000 units at a sales price of $41 per unit. The products manufacturing cost per unit is $32.00 including $8.40 per unit for fixed factory depreciation.

Calculate this investments net annual cash flow for its first year of operation.