Joanette, Inc., is considering the purchase of a machine that would cost $480,000 and would last for 6 years, at the end of which, the machine would have a salvage value of $58,000. The machine would reduce labor and other costs by $118,000 per year. Additional working capital of $4000 would be needed immediately, all of which would be recovered at the end of 6 years. The company requires a minimum pretax return of 17% on all investment projects. (Ignore income taxes.) Use Exhibit 13B-1 and Exhibit 13B-2 above to determine the appropriate discount factor(s).

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.)