Blue Devil Inc., is considering a new project. The required equipment is subject to 5-year straight-line depreciation with zero residual value. Revenues and other operating costs are expected to be constant over the project's 6-year expected operating life. What is the project's Year 4 cash flow?

Equipment cost (depreciable basis)	$700,000
Sales revenues, each year	$600,000
Operating costs (excl. depreciation)	$300,000
Tax rate	40%