Consider the following facts about a company's new product: Anticipated incremental annual revenues $300,000 Anticipated incremental annual costs $100,000 Research and development spent previous year $200,000 Purchase of equipment to produce product $36,068 Shipping and installation of production equipment $5,000 Estimated resale value of equipment in three years $25,000 Expected useful life 3 years MACRS classification 5-year Marginal tax rate 35% Project cost of capital 12% macrs-1.png What is the free cash flow for the first year of operations for this product? Report your answer to the nearest whole dollar.