Please help me with part A, B, and C

a) determine any gain or loss if the old elevator is replaced.

b) Prepare a 4-year summarized income statement for each of the following assumptions:

(1) The old elevator is retained.

Revenues

Less costs:

Variable costs

Fixed costs

Selling & administrative

Depreciation

Net income

Retain Old Elevator

c) (2) The old elevator is replaced.

Revenues

Less costs:

Variable costs

Fixed costs

Selling & administrative

Depreciation

Operating income

Less: Loss on old elevator

Net income

Attempts: 0 of 5 used

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Replace Old Elevator

$

At the beginning of last year (2021), Richter 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 dat an the company/s elevator. This information is presented here. Annual revenues are $240,000, and selling and administrative expenses are $28,000, recardless 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 $24,700