A $$89,000$ machine with a $10-$year class life was purchased $2$ years ago. The machine will now be

sold for $$32,000$ and replaced with a new machine costing $$62,000,$ with a $5-$year class life. The

new machine will not increase sales, but will decrease operating costs by $$16,000$ per year.

Simplified straight line depreciation is employed for both machines, and the marginal corporate

tax rate is $34$ percent. What is the initial outlay for the project? NOTE $--$ ALTHOUGH THE

INITIAL OUTLAY IS NEGATIVE, PLEASE ENTER YOUR ANSWER AS A POSITIVE SIGN. IN

OTHER WORDS, IF YOUR ANSWER IS $-10,000,$ ENTER IT AS $10,000.$ DO NOT ENTER THE

DOLLAR SIGN.