Sheffield Corp. is contemplating the replacement of an old machine with a new one. The following information has been gathered:

	Old Machine		New Machine
Price	$440000		$880000
Accumulated Depreciation	132000		-0-
Remaining useful life	10 years		-0-
Useful life	-0-		10 years
Annual operating costs	$352000		$264000

If the old machine is replaced, it can be sold for $35200. Which of the following amounts is a sunk cost?

$880000

$352000

$264000

$308000