Toni's Typesetters is analyzing a possible merger with Pete's Print Shop. Toni's has a tax loss carryforward of $ 400,000, which it could apply to Pete's expected earnings before taxes of $200,000 per year for the next 5 years. Using a 38 % tax rate, compare the earnings after taxes for Pete's over the next 5 years both without and with the merger.

Without the merger, Pete's Print Shop's earnings after taxes in years 1 through 5 is $_________ (Round to the nearest dollar.)