Sheridan Inc manufactures snowsuits. Sheridan is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased 5 years ago at a price of $1.8 million; six months ago. Sheridan spent $55,000 to keep it operational. The existing sewing machine can be sold today for $246,050. The new sewing machine would require a one-time. 585.000 training cost. Operating costs would decrease by the following amounts for years 1 to 7: Year 1 $389 200 2 399,800 3 410,200 4 425,900 5 432,400 6 435,200 7 436,800 The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $379,300. This new equipment would require maintenance costs of $99,000 at the end of the fifth year. The cost of capital is 9% Click here to view the factor table. Use the net present value method to determine the following: (if net present value is negative then enter with negative sign preceding the number eg. 45 or parentheses eg. (45). Round present value answer to O decimal places, eg. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Use the net present value method to determine the following: (if net present value is negative then enter with negative sign preceding the number eg -45 or parentheses eg(45). Round present value answer to O decimal places, eg. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value $ Determine whether Sheridan should purchase the new machine to replace the existing machine