Tom was ordered to shut down his plant. The equipment was purchased for $1,000,000 4 years ago and can be sold for $250,000 (depreciated under five-year MACRS schedule). Assume that depreciation begins in year 1 and continues for 4 years. If the marginal tax rate is 35%, what will the after-tax cash flow be from selling the equipment? Show work

5-year MACRS schedule:
Year 1:	20%
Year 2:	32%
Year 3:	19.20%
Years 4 and 5:	11.52%
Year 6:	5.76%