Fitzgerald Computers is considering a new project whose data are shown below. The required equipment has a 4-year tax life, after which it will be worthless, and it will be depreciated by the straight-line method over 4 years. Revenues and other operating costs are expected to be constant over the project's 4-year life. What is the project's Year 1 cash flow?

Equipment cost (depreciable basis)	$65,000
Straight-line depreciation rate	25.00%
Sales revenues, each year	$60,000
Operating costs (excl. deprec.)	$25,000
Tax rate	35.0%