The Rumpel Felt Company purchased a felt press last year at a cost of $15,000. The machine had an expected life of 3 years at the time of purchase its book value now is $12,000. The division manager reports that, for $12,000 (including installation), a new felt press can be bought. Both machines are 5 -year property with depreciation rates of 20%,32%, and 19.2% in the first three years. The new felt press will expand sales because the new fashion is for smoother felt. The old machine's current market value is $10,000. The new machine requires an increase in felt inventory of $3,000. Taxes are 40%. What is the initial cash flow (on the date of replacement) if Rumpel replaces it today? (Round your answer to the nearest dollar:) You can check your answer 2 more times before the question is locked