Fool Proof Software is considering a new project whose data are shown below. The equipment that would be used has a 3-year tax life, and the allowed depreciation rates for such property are 33%, 45%, 15%, and 7% for Years 1 through 4. Revenues and other operating costs are expected to be constant over the project's 10-year expected life. What is the Year 1 cash flow? Equipment cost (depreciable basis)$65,000 Sales revenues, each year $60,000 Operating costs (excl. depreciation) $235,000 Tax rate 35.0% $36,778 S31,770 $30,258 535,027 $33,359