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Exercise 12-3 Hillsong Inc. is considering purchasing a new sewing machine at a cost of million. Its machine was purchased five years ago at a price of $1.8 million; six months ago, Hillsong spent $55,000 to keep it operational. existing sewing machine can be sold today for 241,533.The new sewing machine would require a one-time, $85,000 training cost. operating costs would decrease by the following amounts for years i to 7: ear 1 s 389,600 399,600 3 410,800 4 426,000 5 433,300 434,600 436,700 The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be s 379,000. This new equipment would require maintenance costs of $95,500 at the end of the fifth year The cost of capital 9m. Click here to yiew table. use the net present value method to determine the following: (urnet present value is negative then enter with negative sign preceding the number or e -45 parentheses (4s). present value answer to o decimal places, e,g, 12s, For calculation purposes, s decimal in the factor table provided.) use places as displayed Calculate the net present value. Net present value Determine whether Hillsong should purchase the new machine to replace the existing machine