(Related to Checkpoint 12.1) (Calculating operating cash flows) Assume that a new project will annually generate revenues of $2,200,000 and cash expenses (including both fixed and variable costs) of $1,200,000, while increasing depreciation by $220,000 per year. In addition, the firm's tax rate is 36 percent. Calculate the operating cash flows for the new project. The firm's operating cash flows are $ (Round to the nearest dollar.)