Fletcher Company is trying to decide whether to trade in equipment used in its manufacturing process for a newer model. The new equipment will save money because it will be more efficient to use. Indicate if the following items are relevant or irrelevant to this decision. The price of the new equipment Relevant The price paid for the old equipment Irrelevant The trade in value of the old equipment Relevant The repair costs that will be incurred if the old equipment is kept Relevant The expected cost savings of the new equipment Relevant The costs that have been incurred on the old equipment Irrelevant