A kitchen appliances manufacturing company is planning to buy a new production equipment for $1,200,000. This equipment will be depreciating according to the 5-year property class under MACRS (see the table - you can also click on it to view full screen in a new window). If the company sells this equipment in 4 years for $350,000, how much will it collect in after-tax sale proceeds (i.e., the after-tax salvage value)? The company faces a 29% tax rate