Replacement Analysis The Gilbert Instrument Corporation is considering replacing the wood steamer is currently uses to shape guitar sides. The steamer has 6 years of remaining ife. If kept, the steamer will have depreciation expenses of $500 for 5 years and $315 for the sixth year. Its current book value is $3,315, and it can be sold on an Internet auction site for $4,015 at this time. If the old steamer is not replaced, it can be sold for $800 at the end of its useful life. Gilbert is considering purchasing the side Steamer 3000, a higher-end steamer, which costs $12,000, and has an estimated useful be of 6 years with an estimated salvage value of $1,400. This steamer falls into the MACRS 5-years class, so the applicable depresion rates are 20.00%, 32.00% 19,20%, 11.52%, 11.52%, and 5.76%. The new steamer is faster and allows for an output expansion, so sales would rise by $2,000 per year, the new machine's much greater efficiency would reduce operating expenses by $1,900 per year. To support the greater sales, the new machine would require that inventories increase by $2,900, but accounts payable would simultaneously increase by $700. Gilbert's marginal federal-plus-state tax rates 25%, and the project cost of capital is 10%. what is the New of the project? Do not round intermediate calculations, Round your answer to the nearest doilari 5 Should it replace the old steamer The old steamer Select be replaced