ABC and Co. is considering a proposal to replace one of its plants costing $ 60,000 and having a written down value of $ 24,000. The remaining economic life of the plant is 4 years after which it will have no salvage value. However, if sold today, it has a salvage value of $ 20,000. The new machine costing $ 1,30,000 is also expected to have a life of 4 years with a scrap value of $ 18,000. The new machine, due to its technological superiority, is expected to contribute additional annual benefit (before depreciation and tax) of $ 60,000. Find out the cash flows associated with this decision given that the tax rate applicable to the firm is 40%. (The capital gain or loss may be taken as not subject to tax)