Thornton Company is considering the replacement of some of its manufacturing equipment. Information regarding the existing equipment and the potential replacement equipment follows. Existing Equipment Replacement Equipment Cost $111,000 Cost $106,000 Operating expenses 118,000 Operating expenses 114,000 Salvage value 20,000 Salvago value 20,000 Market valdo 51,000 Useful lito 7 years Dook value 32,000 Remaining useful life 7 years *The amounts shown for operating expenses are the cuthulative total of all such expected expenses to be incurred over the useful life of the equipment Required Calculato the total relevant cost of existing equipment and the potential replacement equipment Should the equipment be replaced? New Old Total cost Should the equipment be replaced