Teal Mountain is considering the replacement of a piece of equipment with a newer model. The following data has been collected:

Old Equip New Equip

Purchase price $220500 $367500

Accumulated depreciation 88200 - 0 -

Annual operating costs 294000 235200

If the old equipment is replaced now, it can be sold for $58800. Both the old equipments remaining useful life and the new equipments useful life is 5 years. For this question only, assume that six months ago Chungs equipment manager spent $29400 refurbishing the old equipment. Additionally, the equipment manager has determined that the new equipment can be rented out during idle periods to generate $1764 per year. Using this new information, what is the total cash flow associated with replacing the equipment?