(Calculating free cash flows) Vandelay Industries is considering a new project with a 8-year life with the following cost and revenue data. This project will require an investment of $110,000 in new equipment. This new equipment will be depreciated down to zero over 8 years using the simplified straight-line method and has no salvage value. This new project will generate additional sales revenue of $162,000 while additional operating costs, excluding depreciation, will be $68,000. Vandelay's marginal tax rate is 33 percent. What is the project's free cash flow in year 1? The project's free cash flow in year 1 is $. (Round to the nearest dollar.) (Calculating free cash flows) Vandelay Industries is considering a new project with a 8-year life with the following cost and revenue data. This project will require an investment of $110,000 in new equipment. This new equipment will be depreciated down to zero over 8 years using the simplified straight-line method and has no salvage value. This new project will generate additional sales revenue of $162,000 while additional operating costs, excluding depreciation, will be $68,000. Vandelay's marginal tax rate is 33 percent. What is the project's free cash flow in year 1? The project's free cash flow in year 1 is $. (Round to the nearest dollar.)