Mead Company is considering the replacement of some of its manufacturing equipment. Information regarding the existing equipment and the potential replacement equipment follows: Existing Equipment Coat $300,000 Operating expenses 240,000 Salvage value 40,000 Market value 120,000 Book value 90,000 Remaining useful life 8 years Replacement Equipment Cost $250,000 Operating expenses 160,000 Salvage value 40,000 Useful 1170 8 years "The amounts shown for operating expenses are the cumulative total of all such expected expenses to be incurred over the useful life of the equipment Required Calculate the total relevant cost of existing equipment and the potential replacement equipments. Should the equipment be replaced? Old New Total cost Should the equipment be replaced