(Related to Checkpoint 12.1) (Calculating operating cash flows) Assume that a new project will annually generate revenues of $2,300,000 and cash expenses (including both fixed and variable costs) of $700,000, while increasing depreciation by $240,000 per year. In addition, the firm's tax rate is 38 percent. Calculate the operating cash flows for the new project. The firm's operating cash flows are $7 (Round to the nearest dollar.)