Initial investment at various sale prices Edwards Manufacturing Company (EMC) is considering replacing one machine with another. The old machine was purchased 3 years ago for an installed cost of $10,000 . The firm is depreciating the machine under​ MACRS, using a​ 5-year recovery period.​ (See table LOADING... for the applicable depreciation​ percentages.) The new machine costs $23,100 and requires $2,020 in installation costs. The firm is subject to a 40% tax rate. In each of the following​ cases, calculate the initial investment for the replacement. a. EMC sells the old machine for $12,400 . b. EMC sells the old machine for $6,930 . c. EMC sells the old machine for $2,900. d. EMC sells the old machine for $1,470.