please show work done and formulas

8. JET FAB bought a CNC laser cutting machine at a cost of s750,000 to meet the specific needs of customer that had given a 4-year contract with the possibility of extending the contract for another 4 years. The company uses the MACRS depreciation method for this equipment as a 7-year property for tax purposes. The income tax rate for the company is 42%, and the company expects to have an after-tax rate of return of 8% in all its investments. The laser machine generated an annual income of $250,000 for the first four years. The customer decided not to renew the contract after 4 years due to circumstances beyond control. Consequently, the company ended up selling the CNC its if the company obtained the expected after-tax rate of return laser cutting machine for $220,000. Determine on this equipment