OU Sushi is a sushi take-away chain store which offers individually packed sushi, sushi boxes and various donburi that are freshly made on-site. Last year, the company spent $135,000 hiring a marketing consultant to evaluate whether or not a new line of sushi should be launched. The consultant found that the new product would be able to generate $970,000 of additional sales revenue per year for the company. Production of the new product will involve the following activities:

• A new machine has to be purchased prior to the commencement of production. The new machine will cost $2,140,000 and has a useful life of four years. For tax purposes, assume that the new machine would be fully depreciated by the straight-line method over a period of four years
• To purchase the new machine, it appears that the company has to borrow $1,500,000 at 6% interest from its bank, resulting in additional interest expenses of $90,000 per year
• If the company accepts this projects, its annual expenses will increase from $5,840,000 to $6,020,000
• The project will necessitate an increase in accounts receivable of $202,000

In addition, the marginal tax rate, the average tax rate and the required rate of return for the company are 22%,14% and 16% respectively.

(a) Determine the relevant annual after-tax cash flows associated with this project.