Suppose you are a financial manager for a firm. You are required to evaluate the following project. The purchase price of the equipment is $38466, and will be depreciated straight-line over a 3 years life. Purchase of the new equipment would require an increase in net operating working capital of $5,000. The new acquisition would increase the firm's before-tax revenues by $22,000 per year but would also increase operating costs by $6,000 per year. The new equipment is expected to be used for 3 years and then be sold. The firm's marginal tax rate is 30%. What is the net operating cash flow in Year 1?