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(11-9) Replacement Analysis

The document describes a replacement analysis problem involving Taylor Toy Corporation. It currently uses an injection molding machine that is 2 years old, has a book value of $2,100 and can be sold for $2,500. It has 6 years of remaining life and annual depreciation of $350. If not replaced, it can be sold for $500 after 6 years. Taylor is offered a replacement machine that costs $8,000, has a 6 year life, salvage value of $800 and MACRS depreciation rates. The new machine would increase sales by $1,000 per year and reduce costs by $1,500 per year, but require increasing inventory by $2,000 while increasing accounts pay

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88 views3 pages

(11-9) Replacement Analysis

The document describes a replacement analysis problem involving Taylor Toy Corporation. It currently uses an injection molding machine that is 2 years old, has a book value of $2,100 and can be sold for $2,500. It has 6 years of remaining life and annual depreciation of $350. If not replaced, it can be sold for $500 after 6 years. Taylor is offered a replacement machine that costs $8,000, has a 6 year life, salvage value of $800 and MACRS depreciation rates. The new machine would increase sales by $1,000 per year and reduce costs by $1,500 per year, but require increasing inventory by $2,000 while increasing accounts pay

Uploaded by

mUZA
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
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(10–1)

NPV

A project has an initial cost of $52,125, expected net cash inflows of $12,000 per year for 8
years, and a cost of capital of 12%. What is the project’s NPV? (Hint: Begin by constructing a
time line.)

(10–2)

IRR

Refer to Problem 10-1. What is the project’s IRR?

(10–3)

MIRR

Refer to Problem 10-1. What is the project’s MIRR?

(10–4)

Profitability Index

Refer to Problem 10-1. What is the project’s PI?

Sebuah proyek memiliki biaya awal $ 52.125, arus kas masuk bersih yang diharapkan $ 12.000
per tahun selama 8 tahun, dan biaya modal 12%. Apa itu NPV proyek? (Petunjuk: Mulailah
dengan membuat garis waktu.)
(10–2)
IRR
Lihat Masalah 10-1. Apa IRR proyek itu?
(10–3)
MIRR
Lihat Masalah 10-1. Apa itu MIRR proyek?
(10–4)
Indeks profitabilitas
Lihat Masalah 10-1. Apa PI proyek?

(11–9)

Replacement Analysis
The Taylor Toy Corporation currently uses an injection-molding machine that was

purchased 2 years ago. This machine is being depreciated on a straight-line basis, and

it has 6 years of remaining life. Its current book value is $2,100, and it can be sold for

$2,500 at this time. Thus, the annual depreciation expense is $2,100/6 = $350 per

year. If the old machine is not replaced, it can be sold for $500 at the end of its useful

life.

Taylor is offered a replacement machine that has a cost of $8,000, an estimated

useful life of 6 years, and an estimated salvage value of $800. This

machine falls into the MACRS 5-year class, so the applicable depreciation rates

are 20%, 32%, 19%, 12%, 11%, and 6%. The replacement machine would permit

an output expansion, so sales would rise by $1,000 per year; even so, the new

machine’s much greater efficiency would reduce operating expenses by $1,500

per year. The new machine would require that inventories be increased by

$2,000, but accounts payable would simultaneously increase by $500. Taylor’s

marginal federal-plus-state tax rate is 40%, and its WACC is 15%. Should it

replace the old machine?

(11–9)
Analisis Penggantian
Taylor Toy Corporation saat ini menggunakan mesin cetak injeksi yang dulu
dibeli 2 tahun lalu. Mesin ini disusutkan berdasarkan garis lurus, dan
ia memiliki sisa 6 tahun kehidupan. Nilai buku saat ini adalah $ 2.100, dan dapat dijual dengan
harga
$ 2.500 saat ini. Dengan demikian, biaya penyusutan tahunan adalah $ 2.100 / 6 = $ 350 per
tahun. Jika mesin lama tidak diganti, itu bisa dijual seharga $ 500 pada akhir berguna
kehidupan.
Taylor ditawari mesin pengganti yang memiliki biaya $ 8.000, diperkirakan
masa manfaat 6 tahun, dan nilai perkiraan penyelamatan $ 800. Ini
Mesin jatuh ke dalam kelas 5 tahun MACRS, sehingga tingkat penyusutan yang berlaku
adalah 20%, 32%, 19%, 12%, 11%, dan 6%. Mesin pengganti akan mengizinkan
ekspansi output, sehingga penjualan akan naik $ 1.000 per tahun; Meski begitu, baru
efisiensi alat berat yang jauh lebih besar akan mengurangi biaya operasi sebesar $ 1.500
per tahun. Mesin baru akan mengharuskan persediaan ditingkatkan
$ 2.000, tetapi hutang akan meningkat secara simultan sebesar $ 500. Taylor
tarif pajak federal-plus-negara marjinal adalah 40%, dan WACC-nya adalah 15%. Haruskah itu
ganti mesin lama?

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