Required information [The following information applies to the questions displayed below) Each of the following situations is independent Asset Replacement An uninsured boat costing $100,000 was wrecked the first day it was used. It can be either sold as-is for $10,000 cash and replaced with a similar boat costing $102,000 or rebuilt for $85,000 and be brand new as far as operating characteristics and looks are concerned. Required: What is the difference in cost between the two options? Difference in cost Based on financial considerations, what should the company do? Sell as-is for $10,000 cash and replace with a similar boat costing $102,000. O Rebuild for $85,000