fine press is considering replacing the existing press with a more efficient press. the new press costs $70,000 and requires $5,000 in installation costs. the old press was purchased 3 years ago for an installed value of $45,000 and can be sold for $20,000 net of removal costs today. both presses are depreciated under the macrs 5-year recovery schedule. the firm pays a 40% margin tax rate. calculate the initial cash flow required to acquire the new press. assume no change in net working capital.