Our IF303 funded company is considering a new project with a 6-year life with the following cost and revenue data. This project will require an investment of $120,000 in new equipment. This new equipment will be depreciated down to zero over 6 years (straight line method so assume equal depreciation expense for each year). This new project will generate additional sales revenue of $110,000, whereas additional operating costs, excluding depreciation, will be $48,000. Our companys marginal tax rate is 40 percent. Calculate the free cash flow we expect to get from this project during the first year.