Daily Enterprises is purchasing a $9.8 million machine. It will cost $45,000 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 $1.5 million per year. If Daily's marginal tax rate is 35%, what are the incremental earnings (net income) associated with the new machine? The annual incremental earnings are. (Round to the nearest dollar.)

Please show steps taken to get to final answer and show answer in full correct form please.