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Chapter 06 - Making Capital Investment Decisions
In year 2, the company will have a cash outflow to pay for the cost of the new equipment. Since the equipment will be purchased in two years rather than now, the equipment will have a higher salvage value. The book value of the equipment in five years will be the initial cost, minus the accumulated depreciation, or:
Book value = $18,000,000 – 2,572,200 – 4,408,200 – 3,148,200 Book value = $7,871,400
The taxes on the salvage value will be:
Taxes on salvage = ($7,871,400 – 7,400,000)(.40) Taxes on salvage = $188,560
So, the aftertax salvage value of the equipment in five years will be:
Sell equipment Taxes
Salvage value
$7,400,000 188,560 $7,588,560
Next, we need to calculate the variable costs each year. The variable costs of the lost sales are included as a variable cost savings, so the variable costs will be: New
Lost sales Variable costs
Year 1 $4,941,000 –450,000 $4,491,000
Year 2 $5,352,750 –450,000 $4,902,750
Year 3 $6,862,500 –450,000 $6,412,500
Year 4 $6,450,750 –450,000 $6,000,750
Year 5 $5,764,500 –450,000 $5,314,500
Now we can prepare the rest of the pro forma income statements for each year. The project will have no incremental depreciation for the first two years as the equipment is not purchased for two years. Adding back depreciation to net income to calculate the operating cash flow, we get:
Sales VC
Fixed costs Dep. EBT Tax NI +Dep. OCF
Year 1 $9,855,000 4,491,000 1,900,000
0
$3,464,000 1,385,600 $2,078,400
0
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