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wenwen_422 · 2021年08月17日

为什么计算折旧的时候要考虑install fee?

NO.PZ2018101501000001

问题如下:

ESPON is investing a new equipment which costs $190,000, and the installation fee is $10,000. The equipment will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $150,000 and $65,000 respectively. A net working capital investment of $50,000 is required over the project’s life. After four years, the equipment will be sold for $70,000. The tax rate and the required rate of return are 25% and 12% respectively. What`s the NPV of the expansion project?

选项:

A.

$61,711

B.

$58,090

C.

$46,738

解释:

C is correct.

考点:Cash Flow Projections:Expansion project

解析:

首先我们先求得Outlay=FCInv+NWCInv= (190,000 + 10,000) + 50,000= $250,000.

再求OCF = (S –C–D)(1–T) + D = (150,000 –65,000 –50,000)(1 –0.25) + 50,000 = $76,250.

其中Depreciation = (190,000+10,000)/4 = $50,000.

最后求得TNOCF=Sal4+NWCInv–T(Sal4B4) =70,000+50,0000.25(70,0000) = $102,500.

根据NPV公式可得NPV = 250,000+t=1476,2501.12t\sum_{t=1}^4\frac{76,250}{1.12^t} + 102,5001.124\frac{102,500}{1.12^4} = $46,738.

为什么计算折旧的时候要考虑install fee?

1 个答案

王琛_品职助教 · 2021年08月17日

嗨,努力学习的PZer你好:


因为对于固定资产来说,达到可使用状态前的一切费用都计入资产的初始成本

不进行安装就没法使用,因此它也是初始成本的一部分,所以需要计入固定资产的成本里计算折旧

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