A firm expanded its refining operations which required new petroleum refining equipment to be purchased for $675,000 in August 2015. The equipment was immediately put into service. Sales revenue for the year was $2,225,000. Operating expenses for the year, not including depreciation and capital expenditures, was $1,048,000. Assume the value of depreciation for year 2015 is $60,000. Calculate the net cash flow for year 2015 using an approximate corporate income tax rate of 40%.