Crane Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot extension lift for work on large homes and commercial properties. Last year, Crane Roofing spent $79.800 refurbishing the lift. It has just determined that another $49,000 of repair work is required. Alternatively, it has found a newer used lift that is for sale for $207,500. The company estimates that both lifts would have useful lives of 5 years. The new lift is more efficient and thus would reduce operating expenses from $114,000 to $87.400 each year. Crane Roofing could also rent out the new lift for about $12,000 per year. The old lift is not suitable for rental. The old lift could currently be sold for $30.500 If the new lift is purchased. The new lift and old Ifft are estimated to have salvage values of zero if used for another 6 years