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I ' m curious about a question I received which I wasn't sure what the formula was for. I ' m trying to find the

I'm curious about a question I received which I wasn't sure what the formula was for. I'm trying to find the net cash outflow of a particular set of a requirements. The question is similar, but not the same, to what is below.
Firm X is considering the replacement of an old machine with one that has a purchase price of $85,000. The current market value of the old machine is $24,000 but the book value is $43,000. The firm's combined tax rate is 35%. What is the net cash outflow for the new machine after considering the sale of the old machine? Disregard the effect of depreciation of the new machine if acquired.
What I thought I should do is the following.
Take the initial purchase price as the initial outflow
Take the book value and subtract the market value to get the tax shield
Apply the 35% to the result of 2
Subtract the result of 3 from 1
Add 24k as a inflow
Clearly this is not right. What am I doing wrong in my thought process here?

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