The Arva Logging Company is considering a new logging project in Ontario, requiring new equipment with a cost of $280,000. For the upcoming year, they estimate that the project will produce sales of $650,000 and $490,000 in operating costs. The CCA rate will be 25 percent and their net profits will be taxed at a corporate rate of 38 percent. Use the top-down approach and the tax shield approach to calculate the operating cash flow for the first year of the project for the Arva Logging Company.