Genie Inc. will purchase new lamp molding equipment to replace an older, less efficient model. The new equipment costs $350,000 and shipping is $20,000. Installation and modification of the equipment is anticipated to cost $22,000. The old equipment has a book value of $25,000 and can be sold for $12,000. Inventories are expected to increase by $16,000, accounts receivable by $12,000, and accounts payable by $10,000 in conjunction with the new investment. If Genie has a marginal tax rate of 40%, what is the initial outlay for the replacement of the equipment? $372,900 $382,800 $392,800 $400,400