Newcastle Coal Company is considering a project that requires an investment in new equipment of $3, 200,000, with an additional $160,000 in shipping and installation costs. Newcastle estimates that its accounts receivable and inventories need to increase by $640,000 to support the new project, some of which is financed by a $256,000 increase in spontaneous liabilities (accounts payable and accruals). The total cost of Newcastle's new equipment is $3, 744,000 and consists of the price of the new equipment plus the asset's installation, shipping, and delivery costs. In contrast, Newcastle's initial net investment outlay is $3, 360,000. Suppose Newcastle's new equipment is expected to sell for $200,000 at the end of its four-year useful life, and at the same time, the firm expects to recover all of its net working capital investment. The company chose to use straight-line depreciation, and the new equipment was fully depreciated by the end of its useful life. If the firm's tax rate is 40%, what is the project's total termination cash flow? $464,000 $504,000 $120,000 $200,000