A commercial oven with a book value of $19,870 has an estimated remaining 5 year life. A proposal is offered to sell the oven for $6,210 and replace it with a new oven costing $35,470. The new machine has a 5-year life with no residual value. The new machine would reduce annual maintenance costs by $6,820.Provide a differential analysis on the proposal to replace the commercial oven.Annual maintenance cost reduction$fill in the blank 1 Number of years applicablefill in the blank 2 Total differential decrease in cost$fill in the blank 3 Proceeds from sale of equipmentfill in the blank 4$fill in the blank 5Cost of new equipment fill in the blank 6Net differential decrease in cost from replacing equipment $fill in the blank 7