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 $408,030.00 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	$64.56	$64.56
Units sold	18,023.00	10,324.00
COGS	41.00% of sales	41.00% of sales
Selling and Administrative	19.00% of sales	19.00% of sales

Calloway has a 13.00% cost of capital and a 39.00% tax rate. The firm expects to sell the equipment after 2 years for a NSV of $132,154.00.

What is the project cash flow for year 1?