Required information [The following information applies to'the questions displayed below.] Each of the following situations is independent: Asset Replacement An uninsured boat costing $90,000 was wrecked the first day it was used. It can be either sold as-is for $9,000 cash and replaced with a similar boat costing $92,000 or rebuilt for $75,000 and be brand new as far as operating characteristics and looks are concerned Required: What is the difference in cost between the two options? Based on financial considerations, what should the company do? Sell as-is for $9,000 cash and replace with a similar boat costing $92,000. Rebuild for $75,000