Daily Enterprises is purchasing a $ 10.3 million machine. It will cost $ 48 comma 000 to transport and install the machine. The machine has a depreciable life of five years and will have no salvage value. The machine will generate incremental revenues of $ 4.2 million per year along with incremental costs of $ 1.1 million per year. If Daily's marginal tax rate is 35 %, what are the incremental earnings (net income) associated with the new machine?