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*Problem 21-4A (Part Level Submission) Last year (2016), Richter 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 addition, 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 Estimated salvage value Estimated useful life Depreciation method Annual operating costs $104,000 $160,000 s years 4 years Straight-line Straight-line other than depreciation: Variable Fixed $34,400 22,800 $11,000 8,800 Annual revenues are $240,000, 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, Richter Condos will be able to sell it for $24,300 Your answer is correct. Determine any gain or loss if the old elevator is replaced. on salel s $15890 Attempts: 1 of 3 used Your answer is correct. Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained Retain Old Elevator 6000 Less costs Variable costs3760o Fixed costs 120 12000 Selling & administrative Depreciation 320 2400