Need help completing section C

At the beginning of last year (2021). Richter Condos installed a mechanized elevator for its tenants. The owner of the company, Steven 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 date on the new elevator. In addition, he asked the company's accountant to provide him with cost date on the company's elevator. This information is presented below. Old Elevator New Elevator Purchase price $95.000 $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 $35.400 $10,000 Fixed 22.400 8,000 Annual revenues are $240,000, and selling and administrative expenses are $29,000, regardless of which elevator is used. If the old elevator is replaced now, at the beginning of 2022, Richter Condos will be able to sell it for $25,800.(a) Your answer is correct. Determine any gain or loss if the old elevator is replaced. Loss on sale 50.200 e Textbook and Media Attempts: 1 of 3 used (b) Your answer is correct. Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained. Retain Old Elevator Revenues 960000 Less costs: Variable costs $ 141600 Fixed costs 89600 Selling & administrative 116000 Depreciation 76000 423200 Net income 53680(2) The old elevator is replaced. Replace Old Elevator Revenues 960000 Less costs: Variable costs 40000 1 Fixed costs 32000 Selling & administrative 116000 Depreciation 159000 1 347000 F Operating income 613000 Loss on old elevator 50200 i Net income $ 562800(c) Using incremental analysis, determine if the old elevator should be replaced. (In the first two columns, enter costs and expenses as positive amounts, and any amounts received as negative amounts. In the third column, enter net income increases as positive amounts and decreases as negative amounts. Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).) Net Income Retain Replace Increase Old Elevator Old Elevator (Decrease) Variable operating costs Fixed operating costs New elevator cost Salvage on old elevator Totals