Oregon Forest Products will acquire new equipment that falls under the five$-$year MACRS category. The cost is $$300,000.$ If the equipment is purchased, the following earnings before depreciation and taxes will be generated for the next six years. Use Table $12-12.$

Earnings before Depreciation

Year $1$ $ $80,000$

Year $298,000$

Year $370,000$

Year $445,000$

Year $536,000$

Year $626,000$

The firm is in a $25$ percent tax bracket and has a $12$ percent cost of capital.

$1.$ Calculate the net present value.