Kenora Industries is analyzing a new project. They have gathered the following data: Initial requirement for equipment: $140,000 Depreciation: Straight-line to zero over the four-year life of the project with no salvage value. Required rate of return: 15% Marginal tax rate: 35% What is the operating cash flow under the base-case scenario? $31,402 $28,403 $26,433 $32,777 $24,678