Last year, Oriole Condos installed a mechanized elevator for its tenants. The owner of the comparry, Mark Harris, recently returned from an industry equipment exhibition where he watched a computerized elevator demonstrated. He was impressed with the elevator's speed, comfortable 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 compary's accountant to provide him with cost data on the company's existing elevator. The information is presented below: Arnual revenues are $239,600 and selling and administrative expenses are $29,600, regardless of whikh elevator is used if it ceplaces the old elevator now, at the beginning of 2022 . Oriole Condos will be able to vellit for $24,100. Annual revenues are $239,600 and selling and administrative expenses are $29.600, regardiess of which elevator is wsed if it replices the old elevator now, at the beginning of 2022, Oriole Condos will be able to sell it for $24,100. Determine any gain or loss if the old elevator is replaced. If the old elevator is replaced Oriole Condos will incur a Prepare a 5-year summarized income statement for each of the following assumptions: (1) The old elevator is kept. (2) The old elevator is replaced. (2) The old clevator is replaced. Using incremental analysis, determine whether the old elevator should be replaced. Af an anount reduces the net income then enter with a negathe sign preceding the number, eg- 15,000 or parenthesis, es. (15,0001) Totals The old elevator be replaced. Question Part Score Attempte Dof I vied