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 $$424,018\mathrm{.}00$ that will be depreciated using the $5-$

year MACRS schedule. The project will run for $2$ years with the following forecasted numbers:

Calloway has a $13\mathrm{.}00\%$ cost of capital and a $37\mathrm{.}00\%$ tax rate. The firm expects to sell the equipment after $2$ years for a

NSV of $$165,618\mathrm{.}00.$

What is the project cash flow for year $1?$

Answer format: Currency: Round to: $2$ decimal places.