Last year (2016), Martinez Condos 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 elevator demonstrated. He was impressed with the elevator's speed, comfort of ride, and cost efficiency. 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 company's accountant to provide him with cost data on the company's elevator. This information is presented below, Old Elevator E Elevator 98,500 $159,000 4 years Purchase price Estimated salvage value Estimated useful ife Depreciation method Annual operating oowts 5 years other than depreciation Variable Flxed $34,400 22,400 11,000 8,600 Annual revenues are $240,000, and seling and administrative expenses are $28,000, regardless of which elevator is used. If the old elevator is replaced now, at the beginning of 2017, Martinez Condos will be able to sell it for $24,700. other than depreciation: Variable Fixed $34,400 22,400 $11,000 8,600 Annual revenues are $240,000, and selling and administrative expenses Condos will be able to sell it for $24,700. (a) Determine any gain or loss if the old elevator is replaced. Click if you would ke to Show Work for this question: Open Sho LINK TO TEXT