The Wolf's Den Outdoor Gear is considering replacing the equipment it uses to produce tents. The equipment would cost $1.4 million and lower manufacturing costs by an estimated $215,000 a year. The equipment will be depreciated over 8 years using straight-line depreciation to a book value of zero. The required rate of return is 13 percent and the tax rate is 34 percent. The equipment will be used for 8 years and thereafter will be worthless. What is the annual operating cash flow from this proposed project?