A retail property was purchased for $1,000,000. An appraiser valued the land portion at $100,000 and the building portion at $900,000. Assume straight-line depreciation over 39 years. The investor secured a $700,000 loan at 7% interest for ten years (annual pmts). The tax rate is 28% and net operating income for the first year is $150,000. What is the after-tax cash flow from operations for the first year?