Joanette, Inc., is considering the purchase of a machine that would cost $$520,000$ and would last for $7$ years, at the end of which, the machine would have a salvage value of $$52,000.$ The machine would reduce labor and other costs by $$112,000$ per year. Additional working capital of $$6,000$ would be needed immediately, all of which would be recovered at the end of $7$ years. The company requires a minimum pretax return of $14\%$ on all investment projects. $($Ignore income taxes.$)$

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2$ to determine the appropriate discount factor$($s$)$ using the tables provided.

Required:

Determine the net present value of the project. $($Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.$)$

Net present value