HELP ASAP

At the beginning of last year (2026), Richter Condos installed a mechanized elevator for its tenants. The owner of the company, Jason Richter, recently returned from an industry equipment exhibition where he watched a computerized elevator dernonstrated. He was impressed with the elevator's speed, comfort of ride, and cost efficiency. Upon returning from the exhibition, he asked his purchasing agent to collect price and operating cost data on the new elevator. In addition, he asked the company's accountant to provide him with cost data on the company's elevator. This information is presented here. Annual revenues are $240,000, and selling and adtministrative expenses are $29,000, regardless of which elevator is used. If the old elevator is replaced now, at the beginning of 2027 , Richter Condos will be able to sell it for $24,700. Replace Old Elevator Revenues Less costs: Variable costs Fixed costs Selling & administrative Depreciation Operating income L.oss on old elevator Net income 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. Determine any gain or loss if the old elevator is replaced