A firm is contemplating the purchase of new automated plant costing $240,000 to replace an existing machine that can be sold for $110,000 today. The existing machine (which can continue to be operated for a further four years) was purchased one year ago for $100,000 and is being depreciated over its five-year life. For each year of its life the new plant's technology will allow the firm to reduce annual expenses by $80,000. Annual sales will remain at the current level of $160,000 with the new machine. Although the new machine will only be used for a four-year period, it has an eight-year depreciable life and an assumed disposal value of zero in four years' time. What are the relevant cash flows for each year of the new machine's life? Assume the company tax rate is 30%.