Suppose that Calloway golf would like to capitalize on Phil Michelson winning the Open Championship in 2013 by releasing a new putter. The new product will require new equipment for $408,444.00 that will be depreciated using the 5-year MACRS schedule. The project will run for 2 years with the following forecasted numbers:

	Year 1	Year 2
Putter price	$62.26	$62.26
Units sold	18,775.00	10,069.00
COGS	38.00% of sales	38.00% of sales
Selling and Administrative	18.00% of sales	18.00% of sales

Calloway has a 13.00% cost of capital and a 37.00% tax rate. The firm expects to sell the equipment after 2 years for a NSV of $168,460.00.

What is the project cash flow for year 1?