Please help me get a better understanding on this because i have tried following the directions but could not come up with a solution.

*Problem 12-4 Last year [2016), Bramble Condos installed a mechanized elevator for its tenants. The owner of the company, Ron Richter, recently returned from an industry equipment exhibition where he watched a computerized elevator demonstrated. 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 additi n, he asked the company's accountant to provide him with cost data on the company's elevator. This information is presented below. Old Elevator New Elevator Purchase price $102,000 $160,000 Estimated salvage value 0 0 Estimated useful life 5 years 4 years Depreciation method Straightiline Straightiline Annual operating costs other than depreciation: Variable $34,300 $9,000 Fixed 23,500 8,600 Annual revenues are $241,000, and selling and administrative expenses are $28,000, regardless of which elevator is used. If the old elevator is replaced now, at the beginning of 2017, Bramble Condos will be able to sell it for $2 5,200. Your answer is partially correct. Try again. Determine any gain or loss if the old elevator is replaced. x ss on sal- E Your answer is incorrect. Try again. Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained. Retain Old Elevator x Revenues Less costs: Variable costs E Fixed costs IE] Selling 84 administrative IE] Depreciation I: E Net income E (2) The old elevator is replaced. Replace Old Elevator Revenues E Less costs: Va riable costs 3: Fixed costs Selling St administrative Depreciation Operating income x x :1 Net income Your answer is partially correct. Try again. Using incremental analysis, determine if the old elevator should be replaced. (Enter negative amounts using either a negative Sign preceding the number e.g. 745 or parentheses 6.51. (45).) Less: Loss on old elevator Net Income Retain Replace Increase Old Elevator old Elevator (Decrease) x 3: Variable operating costs x x Fixed operating costs ' x | J _ x New elevator cost l_| Salvage on old elevator l_| j l \