Connor Company is considering the purchase of new equipment for $220,000. The expected life of the equipment is 10 years with no residual value. The equipment is expected to earn revenues of $125,000 per year. Total expenses, including depreciation, are expected to be $110,000 per year. Connor management has set a minimum acceptable rate of return of 12%. Assume straight-line depreciation. 

Determine the equal annual net cash flows from operating the equipment. Round to the nearest dollar.