(Related to Checkpoint 12.1) (Calculating changes in net operating working capital) Tetious Dimensions is introducing a new product and has an expected change in net operating income of $780,000. Tetious Dimensions has a 36 percent marginal tax rate. This project will also produce $195,000 of depreciation per year. In addition, this project will cause the following changes in year 1: Without the Project With the Project Accounts receivable Inventory Accounts payable $56,000 94,000 71.000 $94.000 176,000 117,000 What is the project's free cash flow in year 1? The free cash flow of the project in year 1 is $ . (Round to the nearest dollar.)