Question: A) Determine any gain or loss if the old elevator is replaced. B) Prepare a 4-year summarized income statement for each of the following assumptions:

A) Determine any gain or loss if the old elevator is replaced.A) Determine any gain or loss if the old elevator is replaced.

B) Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained.

(2) The old elevator is replaced.

C) Using incremental analysis, determine if the old elevator should be replaced.

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