The answer is NOT $616,850. PLEASE SHOW ALL WORK. Thanks!

P 9-11 (similar to) Question Help Daily Enterprises is purchasing a $9.7 million machine. It will cost $55,000 to transport and install the machine. The machine has a depreciable life of five years using straight-line depreciation and will have no salvage value. The machine will generate incremental revenues of $4.2 million per year along with incremental costs of $1.3 million per year. Daily's marginal tax rate is 35%. You are forecasting incremental free cash flows for Daily Enterprises. What are the incremental free cash flows associated with the new machine? The free cash flow for year will be $ 616850. (Round to the nearest dollar.)