Use the table below to answer this question.

MACRS 5-year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.52% 6 5.76%

Ronnie's Custom Cars purchased some fixed assets two years ago for $70,000. The assets are classified as 5-year property for MACRS. Ronnie is considering selling these assets now so he can buy some newer fixed assets which utilize the latest in technology. Ronnie has been offered $37,000 for his old assets. What is the net cash flow from the salvage value if the tax rate is 34 percent?