Johnson Company is considering the purchase of a new machine that will cost $224,000. The new machine was given a 10-year life and a salvage value. The new machine is expected to generate net cash inflows of $45,430 each year during its life. The old machine currently in use can be sold for $9,000 if the new machine is purchased. The accounting rate of return on the new machine was determined to be 11%. Calculate the salvage value assigned to the new machine.