Pharoah Inc. has an industrial sewing machine that it has used for the past 5 years. The company is considering replacing the machine with a faster model as it is starting to break down more often. As it will be faster and eliminate overtime, it will increase operating income by $4,750 per year over its useful life of 6 years. If sold now, the current sewing machine would have a salvage value of $16,000. If it is used for the remainder of its useful life, the current sewing machine would have zero salvage value. The new sewing machine is expected to have zero salvage value after 6 years. Determine whether the current sewing machine should be replaced. (Ignore the time value of money.) (If an amount reduces the net income then enter with a negative sign preceding the number, e.g. 15,000 or parenthesis, eg. (15,000). If sold now, the current sewing machine would have a salvage value of $16,000. If it is used for the remainder of its useful life, the current sewing machine would have zero salvage value. The new sewing machine is expected to have zero salvage value after 6 years. Determine whether the current sewing machine should be replaced. (Ignore the time value of money) (If an amount reduces the net income then enter with a negative sign preceding the number, e.g. 15,000 or parenthesis, eg. (15,000). The company replace the sewing machine