As the beginning of last year i2021). Richoer Condos installed a mechanited elevator for its tenants. The owner of peconpany. Ran Richter, recently returned from an insustry equipmeot eshbition whece he watched acompditeriatd elevator demonstrated the wat impressed with the elevator's speed. comiort of fide. and cost ethciency. Upoa returnieg from the eahibition, he ahed hir purcharire agent to coliect price and operating cost data en the new elevator, In addition, he alked the compam/'s accountant to provide him with tost data on the company's elevatoe. This intormation is presented here. thevator it replaced now. at the begining of 2022 , Richter Condos will be able to selt if for $25,700 Deterinine any gain or lois it the old elevator it replaced. Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained. (2) The old elevator is replaced. (2) The old elevator is replaced