Vandelay Industries is considering a new project with a 6-year life with the following cost and revenue data. This project will require an investment of $ 110000 in new equipment. This new equipment will be depreciated down to zero over 6 years using the simplified straight-line method and has no salvage value. This new project will generate additional sales revenue of $ 122000 while additional operating costs, excluding depreciation, will be $ 62000 Vandelay's marginal tax rate is 34 percent. What is the project's free cash flow in year 1?