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Bee's Corp. is considering a capital budgeting project that would require investing $80,000 in equipment with a 4 year useful life and zero salvage value. The project is substantially vital to the overall direction of the company, and it will be the company's first investment in a fictitious country. The country is politically, socially, and economically different from the US.

Data concerning that project appear below:

Annual incremental sales $ 170,000

Annual incremental cash operating expenses $ 120,000

One-time renovation expense in year 3 $ 20,000

The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting. The company's tax rate is 30% and the after-tax discount rate is 11%.

Required: Determine the net present value of the project.