I'd like the steps to figure this out.

P11-13Initial investment at various sale pricesEdwards Manufacturing Company (EMC) is considering replacing one machine with another. The old machine was purchased 3 years ago for an installed cost of $10,000. The firm is depreciating the machine under MACRS, using a 5-year recovery period. (SeeTable4.2on page120for the applicable depreciation percentages.) The new machine costs $24,000 and requires $2,000 in installation costs. The firm is subject to a 40% tax rate. In each of the following cases, calculate theinitial investmentfor the replacement.

a.EMC sells the old machine for $11,000.

b.EMC sells the old machine for $7,000.

c.EMC sells the old machine for $2,900.

d.EMC sells the old machine for $1,500.