Chevron Phillips (CP) has put into place new laboratory equipment for the production of chemicals; the cost is $1,850,000 installed. CP borrows 47% of all capital needed, and the borrowing rate is 12.6%. In the 1st year, 28% of the principal borrowed will be paid back. The throughput rate for in-process test samples has increased the capacity of the lab, saving a net of $X per year. In this 1st year, depreciation is $370,000 and taxable income is $314,000.

What is the gross income or annual savings $X? $

Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar.