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 $38,742 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 34% Project cost of capital 12% What is the net cash flow for the first year of operations for this product? Report your answer to the nearest whole dollar