Last year, Golfing Condos installed a mechanized elevator for its tenants. The owner of the competing business for golfing tenants was impressed with the elevator and thought he should install one too. He asked you to provide him with analysis (using incremental analysis) that would help him make this decision. He also asks for your specific recommendation. Here is the information available: Old Elevator New elevator Purchase price $60,000 $110,000 Estimated salvage value $5,000 Estimated useful life 6 years Straight line 6 years Straight line Depreciation method $35,000 Annual operating expenses $50,000 Please BOLD the answers to each of the questions above