Colonnade Corporation purchased a machine for use in the firm's manufacturing process. The original cost of the machine was $$1,800,000.$ The machine has a class life of $15$ years, but after $13$ years, the firm has decided to sell the machine for $$320,000.$ If Colonnade has a marginal tax rate of $34\%,$ what is the tax effect associated with the decision? Assume the machine was depreciated straight$-$line over the $15-$year life to zero salvage value.

$$80,000$ refund

$$27,200$ refund

$$27,200$ payment

$$80,000$ payment

$$108,800$ payment

$$108,800$ refund