(Calculating changes in net operating working capital)Duncan Motors is introducing a new product and has an expected change in net operating income of $290,000. Duncan Motors has a 33 percent marginal tax rate. This project will also produce $54,000 of depreciation per year. In addition, this project will cause the following changes in year 1:

Without the Project / With the Project

Accounts receivable $38,000 (with) $25,000 (without)

Inventory 26,000(with) 38,000 (without)

Accounts payable 51,000(with) 90,000(without)

The free cash flow of the project in year 1 is $(?). (Round to the nearest dollar.)