Answer:
The cash flow from program operation is $1,600,000.
Explanation:
Prepare the Cash Flow from Operating Activities Section to determine the cash flow from program operation.
<u>Cash Flow from Operating Activities</u>
Revenue                                                     $3,000,000
Less Expenses :
Operating Expenses           $1,000,000
Interest expense                   $200,000 
Management fees                 $200,000
Depreciation                       $3,000,000  ($4,400,000)
Operating Profit / (Loss)                            ($1,400,000)
Add Back Depreciation                             $3,000,000
Operating Cash flow                                  $1,600,000