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3. Analysis of a replacement project At times firms will need to decide if they want to continue to use their current equipment or reptace the equlpment with newer equipment. The company wilt need to do replacement analysis to determine which option is the best financial decision for the company. Price Co, is considering replacing an existing plece of equipment. The project involves the following: - The new equipment will have a cost of $2,400,000, and it is elligible for 100%b bonus depreciation so it will be fully depreciated at t - The old machine was purchased before the new tax law, so it is being depreciated on a straight-line basis. It has a book value of $200,000 (at year 0) and four mote years of depreciation left ( $50,000 per vear). - The new equipment will have a salvage value of $0 at the end of the project's life (year 6). The old machine has a current salvage value (at year 0) of 3300,000. - Replacing the old machine will require an investment in net operating working capital (NowC) of s6o,000 that wili be recovered at the end of the project's life (year 6). - The new machine is more efficient, so the firm's incremental earnings before interest and taxes (EBIT) will increase by a total af 1600,000 in each of the next six years (years 1-6). Hink: This value represents the difference between the reveniaes and operating costs (including depreciatian expense) generated using the new equipment and that earned using the oud equipment. - The project's cost of capital is 13\% - The company's annuat tax rade is 2.5% Complete the following table and compute the incremental cash flows assoclated with the replacement of the old equipment with the new equipment