Margarite's Enterprises is considering a new project. The project will require 325,000 for new non-current assets, 160,000 for additional inventory and 35,000 for additional trade receivables. Short-term debt is expected to increase by 100,000 and long-term debt is expected to increase by 300,000. The project has a 5-year life. The non-current assets will be depreciated straight-line to a zero book value over the life of the project. At the end of the project, the non-current assets can be sold for 25% of their original cost. The net working capital returns to its original level at the end of the project. The project is expected to generate annual sales of 554,000 and costs of 430,000. The tax rate is 35% and the required rate of return is 15%. What is the amount of the earnings before interest and taxes for the first year of this project?