QUESTION 1 A company is evaluating a new project by discounting the expected cash flows using its WACC. The following information is known about the project: . Two years ago, the company paid $1,417,050 for the land and building that will house the project. The property could be sold for One year ago, the firm spent $40,648 on initial marketing for the project. The project requires the purchase of equipment in year 0) for $372,683. The firm will pay $10,809 in interest expense to finance the project. The machine will be fully depreciated straight-line over 8 years.. The project will generate sales of $512,939 per year and expenses of $116,688 per year for years 1-6. In year 1, the firm must increase its inventory by $177,558. It will maintain the new level of inventory through year 6. The marginal tax rate is 21%. What is the free cash flow for time 1? (Enter a negative sign in front of negative answers when necessary. Do not use parenthesis for negative numbers!)