A $$64,000$ machine with a $7-$year class life was purchased $2$ years ago. The machine will now be sold for $$50,000$ and replaced with a new machine costing $$88,000,$ with a $10-$year class life. The new machine will not increase sales, but will decrease operating costs by $$7,000$ per year. Simplified straight line depreciation is employed for both machines, and the marginal corporate tax rate is $34$ percent. What is the incremental annual cash flow associated with the project?