Current Attempt in Progress The law firm of Pharoah and Coronado relies heavily on a colour laser printer to process its paperwork. Recently the printer has not functioned well and print jobs were not being processed. A major overhaul costing $12,700 would make the current printer work properly for the balance of its useful life. Management is considering updating the printer with a faster model. If sold now, the current printer would have a salvage value of $3,300. If operated for the remainder of its useful life, the current printer would have zero salvage value. The new printer is expected to have zero salvage value after 5 years. Prepare an analysis to show whether the company should retain or replace the printer. (If an amount reduces the net income then enter with a negative sign preceding the number, e.g. 15,000 or parenthesis, e.g. (15,000).)