Question 9 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 6 years. The new lift is more efficient and thus would reduce operating expenses by about $26,600 per 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. Prepare an incremental analysis showing whether the company should repair or replace the equipment. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Retain Replace Net Income Equipment Equipment Increase (Decrease) Operating expenses $ Repair costs Rental revenue New machine cost Sale of ald machine Total cost Should company repair or replace the equipment? The equipment be replaced