The Wolf's Den is considering replacing the equipment it uses to produce tents. The equipment would cost $1.4 million and lower manufacturing costs by an estimated $215,000 a year. The equipment will be depreciated over 8 years using straight-line depreciation to a book value of zero. Ignore bonus depreciation. The required rate of return is 13 percent and the tax rate is 21 percent. The equipment will be worthless after 8 years. What is the annual operating cash flow from this proposed project?