Regal Industries is replacing a grinder purchased 5 years ago for P15,000 with a new one costing P25,000 cash. The original grinder is being depreciated on a straight-line basis over 15 years to a zero salvage value. Regal will sell this old equipment to a third party for P6,000 cash. The new equipment will be depreciated on a straight-line basis over 10 years to a zero-salvage value. Assuming a 40% marginal tax rate, Regal's net cash investment at the time of purchase if the old grinder is sold and the new one is purchased is?

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