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t price and operating cost data on the new elevator. In addition, he asked the company's accountant to provide him with cost data 4 years Annual other than depreciation: $34,000 22,000 Fixed 8,000 Prepare a 4-year summarized income statement for each of the following assumptions: (1) The old elevator is retained. Retain Old Elevator Less costs Variable costs Fixed costs Selling & administrative Depreciation Net income (2) The old elevator is replaced Replace Old Elevator Less costs: Variable costs Fixed costs ing & admi Depreciation Loss on old elevator Net income Using incremental analysis, determine if the old elevator should be t received as negative amounts. In the third column, enter net income increases as positive amounts and decreases using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).) costs and expenses as positive amounts, and any amounts as negative amounts. Enter negative amounts (In the first two columns, enter Net Income Retain Old Elevator Old Elevator (Decr Fixed operating costs New elevator cost using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).,) Net Income Increase Retain Old Elevator Old Elevator (Decrease) Replace Variable operating costs Fixed operating costs New elevator cost Salvage on old elevator The old elevator be replaced. Click if you would like to Show Work for this question: Qen Show Work