industry equipment exhibition where he watched a computerized elevator demonstrated. He was impressed with the elevator's speed, comfort of ride, and cost eficie Upon returning from the exhibition, he asked his purchasing agent to collect price and operating cost data on the new elevator. In addition, he asked the him with cost data on the company's elevator This information s presented below oid $102500 $159000 Estimated useful life 5 years Annual $34000 $9000 8000 23400 Fixed elevator is used. If the old elevator is replaced now, at the are $240000, and selling and administrative expenses are $28000, regardless of which beginning of 2020, Richter Condos will be able to sell it for $25100 Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained. Retain Old Elevator Revenues Less costs: Variable costs Fixed costs Selling & administrative Depreciation Net income (2) The old elevator is replaced. Replace Old Elevator Revenues Less costs Variable costs Fixed costs Selling & administrative Depreciation Operating income Loss on old elevator Net income