Firm X is considering the replacement of an old machine with one that has a purchase price of $70,000. The old machine can be sold for its current market value of $25,000 but the book value is $32,000. What is the net cash outflow for the new machine with consideration for the sale of the old machine?

a) $70,000

b) $45,000

c) $38,000

d) $32,000