Glow Ltd has a proposal to replace its existing (fully depreciated) machine with a new machine. The new machine costs $55,000 and has installation cost of $5,000. The asset will be depreciated using the prime cost method over a 5-year life. The new equipment is expected to result in incremental cost savings of $20,000. The firm has a 40% tax rate. What will the annual incremental after-tax cash flow from operations for year 1 be?