The following problem will be used for the next question, please take note. Wind Air Company manufactures aircraft equipment and is considering to replace a metal-cutting machine with a newer model. The old machine costs $1,062,361 and has a useful life of 5 yrs. Wind Air uses straight-line depreciation. It has a remaining useful life of 2 years, a current book value of $492,773 and a current disposal value of $44,363. In 2 years, the disposal value will be zero. The new machine costs $653,695 and has a useful life of 2 years, without any disposal value. The total variable cost for the old machine costs $655,465 and decreases by 40% using the new machine. What is the total cost if a new machine is bought? (The final answer should be in 2 decimal places. Use proper rounding off rules. No need to put '$' in the answer box.)