Trillian Ltd. is considering replacing a piece of old machinery. The machine has a book value of $80,000 and a remaining useful life of 3 years and no salvage value. A new, more efficient machine is available at a cost of $300,000 that will have a 3-year useful life with no salvage value. The new machine will lower annual variable production costs from $520,000 to $410,000 for each of the next three years. What will the net savings be over the next three years if Trillian buys the new machinery?