A corporation has decided to replace an existing asset with a newer model. Two years ago, the existing asset originally cost $$38863$ and was being depreciated under MACRS using a five$-$year recovery period. The existing asset can be sold for $$58610.$ The new asset will cost $$103477$ and will also be depreciated under MACRS using a five$-$year recovery period. The investment required no change in net working capital. If the assumed tax rate is $40$ percent on ordinary income and capital gains, the initial investment is: