It is Jan 1. The Rumpel Felt Company purchased a felt press last year at a cost of $7,500. The machine had an expected life of 3 years at the time of purchase. The4 machine was depreciated using MACRS with a 5-year recovery period. (MACRS depreciation rates are shown in the table .) The division manager reports that, for $12,000 (including installation), a new felt press can be bought. The new felt press will expand sales, because the new fashion is for smoother felt. The old machine's current market value is $1,000. Taxes are 40%. What is the net salvage value of the old press if Rumpel replaces it today? The net salvage value of the old press is $