Clemson Software is considering a new project whose data are shown below. The required equipment has a 3-year tax life, after which it will be worthless. Under the new tax law, the equipment is eligible for 100% bonus depreciation, so it will be fully depreciated at t = 0. Revenues and operating costs are expected to be constant over the project's 3-year life. What is the project's Year 1 cash flow? Do not round the intermediate calculations and round the final answer to the nearest whole number.

Equipment cost (depreciable basis)	$100,000
Sales revenues, each year	$60,000
Operating costs	$25,000
Tax rate	25.0%

a. $33,040

b. $26,250

c. $32,008

d. $28,222

e. $29,598