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This video tutorial covers the process of incremental analysis for deciding whether to retain or replace equipment. It highlights that relevant costs to consider include variable manufacturing costs and the cost of new equipment. The book value of the old machine is a sunk cost and should not influence the decision, as it is unaffected by current or future choices. Book value is defined as the cost of the equipment minus accumulated depreciation. If the equipment is removed without a trade-in value, the book value results in a loss on the income statement. Both retaining and replacing equipment have similar impacts on the financial statements, emphasizing the importance of focusing on relevant costs for decision-making.
