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At the beginning of last year (20191. Richter. Condas 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 alevator demonstrated. He was impressed with the elevator's speed, comfort af ride, and cost efficiency. Upon returning from the achibition, he asked his purchasing agent to collect price and corating eest 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 $99.500 $159.000 Estimated salvage value 0 0 Estimated useful life 5 years 4 years Depreciation method Straight line Straight-line Annual operating costs other than depreciation: Variable $35,300 24.000 $10,000 8.900 Fixed Annual revenues are $229,000, and selling and administrative experses are $29,000, regardless of which elevator is used. If the old slevator is replaced now, at the beginning of 2020 Richter Condes will be able to set it for $25.700. (a) Your answer is correct Determine any gain or loss if the old elevator is replaced Lode anale S 52100 e Textbook and Media Attempts: 1 of 3 used (b) Your answer is partially correct. Prepare a 4-year summarized income statement for each of the following assumptions (1) The old elevator is retained. Retain Old Elevator Ravenues SS6000 Less costs: Variable costs s Fixed costs Sailing administrative Depreciation Net income $ 2) The old elevator is replaced Replace Old Elevator Ravenues S Less costs: Variable costs $ Fixed costs Selling administrative Depreciation Operating income Loss an old elevator Net income e Textbook and Media Save for Later Attempts: 1 of 3 used SubAruwer parts of this cuestion must be completed in order. This cert will be available when you complete the part above