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Murl Plastics Inc. purchased a new machine one year ago at a cost of $39,000. Although the machine operates well, the president of Murl Plastics is wondering if the company should replace it with a new electronic machine that has just come on the market. The new machine would slash annual operating costs by two-thirds, as shown in the comparative data below: Present Proposed Machine New Machine Purchase cost new $39,000 $58,500 Estimated useful life new 6 years Annual operating costs $27,300 $ 9,100 Annual straight-line depreciation 6,500 11,700 Remaining book value 32,500 Salvage value now 6,500 Salvage value in five years 0 5 years In trying to decide whether to purchase the new machine, the president has prepared the following analysis: Book value of the old machine Less: Salvage value $32,500 6,500 Net loss from disposal $26,000 "Even though the new machine looks good," said the president, "we can't get rid of that old machine if it means taking a huge loss on it. We'll have to use the old machine for at least a few more years." Sales are expected to be $136,500 per year, and selling and administrative expenses are expected to be $81,900 per year, regardless of which machine is used. Required: Prepare a summary income statement covering the next five years, assuming the following: a. The new machine is not purchased. b. The new machine is purchased. (Leave no cells blank - be certain to enter "0" wherever required.) Sales Operating costs Depreciationnew machine Selling and administrative expenses Salvage value-old machine Answer is not complete. 5 Years Summary Keep Old Buy New Difference Machine Machine $ 682,500 $ 682,500 $ 0 136,500 45,500 (91,000) 32,500 58,500 26,000 409,500 409,500 0 0 32,500 (26,000) Total expenses Net operating income 578,500 104,000 539,500 143,000 (39,000) 39,000 $ $ $