Nine Point Industries purchased a machine for use in the firm's manufacturing process. The original cost of the machine was $3,000,000. The machine has a class life of 10 years, but after 8 years, the firm has decided to sell the machine for $320,000. If the firm has a marginal tax rate of 21%, what is the tax effect associated with the decision?

Group of answer choices

$58,800 payment

$280,000 payment

$58,800 refund

$27,200 payment

$27,200 refund