prepare a relevant cost schedule showing the benefits of keeping the old lathe or buying the new one. Information about the old lathe: Cost $57,000 Estimated useful life 8 years Estimated residual value 0 Current age 2 years Estimated current fair value $32,000 Annual operating cost $32,000 Information about the new lathe: Cost $61,000 Estimated useful life 6 years Estimated residual value 0 Annual operating cost $24,000