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Chapter 10

Problems 1-36
Input boxes in tan
Output boxes in yellow
Given data in blue
Calculations in red
Answers in green
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require that

Chapter 10
Question 1
Input area:

Purchase price
Appraised value
Cost to build
Grading costs

$
$
$
$

6,000,000
6,400,000
14,200,000
890,000

Output area:

The acquisition cost is a sunk cost. The appraisal value is an


opportunity cost and should be included. The cost to build and
grading costs are investments in fixed assets and are included.
Total initial cost

21,490,000

Chapter 10
Question 2
Input area:

Camper quantity
Camper price
Increased motor home quantity
Motor home price
Lost motor coach quantity
Motor coach price

$
$
$

19,000
13,000
4,500
53,000
900
91,000

Output area:

Camper sales
Increased motor home sales
Lost motor coach sales
Total sales

$ 247,000,000
238,500,000
(81,900,000)
$ 403,600,000

Chapter 10
Question 3
Input area:

Projected sales
Variable cost (% of sales)
Fixed cost
Depreciation
Tax rate

$
$
$

830,000
60%
181,000
77,000
35%

Output area:

Sales
Variable costs
Fixed costs
Depreciation
EBT
Taxes (35%)
Net Income

$
$

830,000
498,000
181,000
77,000
74,000
25,900
48,100

Chapter 10
Question 4
Input area:

Sales
Variable cost
Depreciation
Tax rate

$
$
$

824,500
538,900
126,500
34%

Sales
Variable costs
Depreciation
EBT
Taxes (34%)
Net Income

824,500
538,900
126,500
159,100
54,094
105,006

OCF
Depreciation tax shield

$
$

231,506
43,010

Output area:

Chapter 10
Question 5
Input area:

Projected sales
Costs
Depreciation
Tax rate

$
$
$

108,000
51,000
6,800
35%

Sales
Variable costs
Depreciation
EBT
Taxes (35%)
Net Income

108,000
51,000
6,800
50,200
17,570
32,630

OCF
OCF
OCF
OCF

$
$
$
$

39,430
39,430
39,430
39,430

Output area:

Chapter 10
Question 6
Input area:

Costs
$
*7-year property under MACRS

1,080,000

Output area:

Yr.
Beginning Book Value
1 $
1,080,000.00
2
925,668.00
3
661,176.00
4
472,284.00
5
337,392.00
6
240,948.00
7
144,612.00
8
48,168.00

MACRS
0.1429
0.2449
0.1749
0.1249
0.0893
0.0892
0.0893
0.0446

Depreciation
154,332.00
264,492.00
188,892.00
134,892.00
96,444.00
96,336.00
96,444.00
48,168.00

Ending Book value


$
925,668.00
661,176.00
472,284.00
337,392.00
240,948.00
144,612.00
48,168.00
-

Chapter 10
Question 7
Input area:

Costs
Pretax salvage value
Tax rate
*Depreciation straight line
*Asset used in years

$
$

548,000
105,000
35%
8
5

$
$
$

68,500
342,500
205,500

Output area:

Annual depreciation
Accumulated depreciation
Book value
Aftertax cash flow

$140,175

Chapter 10
Question 8
Input area:

Acquisition costs
Pretax salvage value
Tax rate
*MACRS class for taxes

$
$

7,900,000
1,400,000
35%
0.2000
0.3200
0.1920
0.1152

Book Value

1,365,120

Aftertax cash flow

1,387,792

Output area:

Chapter 10
Question 9
Input area:

Asset investment
$
Estimated annual sales
$
Costs
$
Tax rate
*Depreciation straight-line
to zero over tax life

3,900,000
2,650,000
840,000
35%
3

Output area:

OCF

1,631,500

Chapter 10
Question 10
Input area:

Asset investment
Estimated annual sales
Costs
Tax rate
*Depreciation straight-line
to zero over tax life
OCF
Required return

$
$
$

3,900,000
2,650,000
840,000
35%

3
1,631,500
12%

18,587.71

Output area:

NPV

Chapter 10
Question 11
Input area:

Asset investment
Estimated annual sales
Costs
Tax rate
Required return
*Depreciation straight-line
to zero over tax life
OCF
Initial investment in NWC
Fixed asset value at end

$
$
$

3,900,000
2,650,000
840,000
35%
12%

$
$
$

3
1,631,500
300,000
210,000

$
$
$
$

Cash flow
(4,200,000)
1,631,500
1,631,500
2,068,000

29,279.79

Output area:

Year
0
1
2
3
NPV

Chapter 10
Question 12
Input area:

Asset investment
Estimated annual sales
Costs
Tax rate
Required return
Initial investment in NWC
Fixed asset value at end
*3 yr MACRS

$
$
$

$
$

3,900,000
2,650,000
840,000
35%
12%
300,000
210,000
0.3333
0.4445
0.1481

Output area:

Year

Depreciation
0
1 $ 1,299,870.00
2 $ 1,733,550.00
3 $
577,590.00

Cash flow
$ (4,200,000.00)
$ 1,631,454.50
$ 1,783,242.50
$ 1,916,303.00

Book value

288,990

Aftertax salvage value

237,647

NPV

42,232.43

Chapter 10
Question 13
Input area:

Installation cost
Operating cost per year
Initial NWC
Pretax salvage value
Tax rate
Discount rate
*Depreciation straight-line
over life

$
$
$
$

560,000
165,000
29,000
85,000
34%
10%
5

Output area:

Annual depreciation charge


Aftertax salvage value
OCF

$
$
$

112,000
56,100
146,980

NPV

21,010.24

Chapter 10
Question 14
Input area:

Initial investment
Pretax salvage value
Cost savings per year
Working capital reduction
Tax rate
*Depreciation straight-line
over life

$
$
$
$

720,000
75,000
260,000
(110,000)
35%
5

Output area:

Annual depreciation charge


Aftertax salvage value
OCF
Year
0
1
2
3
4
5
IRR

$
$
$

144,000
48,750
219,400

$
$
$
$
$
$

Cash flow
(610,000)
219,400
219,400
219,400
219,400
158,150
21.65%

Chapter 10
Question 15
Input area:

Initial investment
Pretax salvage value
Cost savings per year
Cost savings per year
Working capital reduction
Annual depreciation charge
Aftertax salvage value
Tax rate
Required return
*Depreciation straight-line
over life

$
$
$
$
$
$
$

720,000
75,000
300,000
240,000
(110,000)
144,000
48,750
35%
20%
5

Output area:

NPV
Accept/Reject

300,000
Year
0 $
1
2
3
4
5
$

Required pretax cost savings:


NPV w/o OCF
Required OCF
OCF less dep. tax shield
Cost savings

cost savings
Cash flow
(610,000)
245,400
245,400
245,400
245,400
184,150
99,281.22
Accept

($634,615.00)
$212,202.38
$161,802.38
$

248,926.73

240,000
Year
0 $
1
2
3
4
5
$

cost savings
Cash flow
(610,000)
206,400
206,400
206,400
206,400
145,150
(17,352.66)
Reject

Chapter 10
Question 16
Input area:

Initial fixed asset investment $


Initial NWC investment
$
Annual OCF
$
Required return
*Depreciation staight-line
over life

270,000
25,000
(42,000)
11%
5

Output area:

NPV

(435,391.39)

EAC

(117,803.98)

Chapter 10
Question 17
Input area:

Techron I :
Cost
Operating costs per year
Life
Techron II :
Cost
Operating costs per year
Life
Both:
Salvage value
Tax rate
Discount rate
*Depreciation straight-line

$
$

290,000
67,000
3

$
$

510,000
35,000
5

40,000
35%
10%

Output area:

Both cases:
Aftertax salvage value
Techron I:
OCF
NPV
EAC
Techron II:
OCF
NPV
EAC

26,000.00

$
$
$

(9,716.67)
(294,629.73)
(118,474.97)

$
$
$

12,950.00
(444,765.36)
(117,327.98)

The two milling machines have unequal lives, so they can only be compared by
expressing both on an equivalent annual basis which is what the EAC method does.
Thus, you prefer the
Techron II
because it has the lower
(less negative) annual cost.

Chapter 10
Question 18
Input area:

Quantity
Installation costs
Pretax salvage value
Fixed costs
Variable production cost
per carton
Net working capital
Tax rate
Required return
*Depreciation staight-line
over life

$
$
$
$
$

185,000
940,000
70,000
305,000
9.25
75,000
35%
12%
5

Output area:

Aftertax salvage value


Depreciation tax shield
Initial cash outlay
NPV w/o OCF
Necessary OCF
OCF net of dep. tax shield

$
45,500.00
$
65,800.00
$ (1,015,000.00)
$ (946,625.06)
$
262,603.01
$
196,803.01

Bid price

12.54

Chapter 10
Question 19
Input area:

Machine cost
Annual pretax cost
Salvage value
Inventory cost
Inventory cost per year
Tax rate
Discount rate
MACRS five year class

$
$
$
$
$

560,000
210,000
80,000
20,000
3,000
35%
9%
0.2000
0.3200
0.1920
0.1152

Output area:

Year
1
2
3
4
Book value
Aftertax salvage value
Year
0
1
2
3
4
NPV

$
$
$
$

Depreciation
112,000
179,200
107,520
64,512

$
$

96,768.00
85,868.80

$
$
$
$
$

Cash flow
(580,000.00)
172,700.00
196,220.00
171,132.00
273,948.00

69,811.79

Chapter 10
Question 20
Input area:

System A:
Cost
Pretax annual operating cost
Life
System B:
Cost
Pretax annual operating cost
Life
Both:
Tax rate
Discount rate
*Depreciation staight-line

$
$

430,000
110,000
4

$
$

570,000
98,000
6
34%
11%

Output area:

System A:
OCF
NPV
System B:
OCF
NPV

$
$

(36,050)
(541,843.17)

$
$

(32,380)
(706,984.82)

If the system will not be replaced when it wears


out, then
System A
should be chosen, because it has the more
positive NPV.

Chapter 10
Question 21
Input area:

System A:
NPV
Operating life
System B:
NPV
Operating life

(541,843.17)
4

(706,984.82)
6

Discount rate

11%

Output area:

System A:
EAC
System B:
EAC

(174,650.33)

(167,114.64)

If the system is replaced,


System B
should be chosen because it has the
lower EAC.

Chapter 10
Question 22
Input area:

Quantity
Initial land cost
Land opportunity cost
Land value in 5 years
Machine cost
Pretax salvage value
Fixed costs
Variable cost
Initial NWC
Additional NWC/year
Tax rate
Required return
*Depreciation staight-line
over life

$
$
$
$
$
$
$
$
$

100,000,000
2,400,000
2,700,000
3,200,000
4,100,000
540,000
950,000
0.005
600,000
50,000
34%
12%
5

Output area:

Aftertax salvage value


Depreciation tax shield
Initial cash outlay
NPV w/o OCF
Necessary OCF
OCF net of dep. tax shield

$
$
$
$
$
$

Bid price

356,400.00
278,800.00
(7,400,000.00)
(5,079,929.11)
1,409,221.77
1,130,421.77
0.03163

Chapter 10
Question 23
Output area:

At a given price, taking accelerated depreciation compared to straight-line


depreciation causes the NPV to be higher; similarly at a given price, lower net
working capital investment requirements will cause the NPV to be higher. Thus,
NPV would be zero at a lower price in this situation. In the case of a bid price,
you could submit a lower price and still breakeven, or submit the higher price
and make a positive NPV.

compared to straight-line
arly at a given price, lower net
se the NPV to be higher. Thus,
on. In the case of a bid price,
en, or submit the higher price

Chapter 10
Question 24
Input area:

Machine A:
Cost
Variable costs
Fixed costs
Life
Machine B:
Cost
Variable costs
Fixed costs
Life
Both:
Sales
Tax rate
Discount rate
*Depreciation staight-line

$
$

$
$

2,900,000
35%
170,000
6
5,100,000
30%
130,000
9
10,000,000
35%
10%

Output area:

Machine A
(3,500,000)
(170,000)
(483,333)
(4,153,333)
1,453,667
(2,699,667)
483,333
(2,216,333)

Variable costs
Fixed costs
Depreciation
EBT
Tax
Net income
+ Dep
OCF

NPV
EAC

$ (12,552,709.46)
($2,882,194.74)

System B
lower EAC.

$
$
$

$
$
$
$

Machine B
(3,000,000)
(130,000)
(566,667)
(3,696,667)
1,293,833
(2,402,833)
566,667
(1,836,167)
(15,674,527.56)
($2,721,733.42)

should be chosen since it has the

Chapter 10
Question 25
Input area:

Hours used per year


Cost per kilowatt
Return

Cost
Watts
Lifetime hours

500
0.101
10%

Traditional bulb
$
0.50 $
60
1,000

CFL
3.50
15
12,000

0.06
30
3.0300 $
2

0.015
7.50
0.7575
24.00

(5.76) $
(3.3181) $

(10.31)
(1.1470)

Output area:

Kilowatts used per hour


Kilowatt hours per year
Cost per year
Expected life

NPV
EAC

$
$

Chapter 10
Question 26
Input area:

Hours used per year


Cost per kilowatt
Return

Cost
Watts
Lifetime hours

500
0.101
10%

Traditional bulb
$
0.50 $
60
1,000

CFL
3.50
15
12,000

Output area:

Kilowatts used per hour


Kilowatt hours per year
Cost per year
Expected life
Breakeven kilowatt/hr cost

0.060
30.00
3.0300
2.00
0.004509

0.015
7.50
0.7575
24.00

Chapter 10
Question 27
Input area:

Hours used per year


Cost per kilowatt
Return

Cost
Watts
Lifetime hours

500
0.101
10%

Traditional bulb
$
0.50 $
60
500

CFL
3.50
15
12,000

Output area:

Kilowatts used per hour


Kilowatt hours per year
Cost per year
Expected life
Breakeven kilowatt/hr cost

0.060
30.00
3.0300
1.00
(0.007131)

0.015
7.50
0.7575
24.00

Chapter 10
Question 29
Input area:

Car mpg
Truck mpg
New car mpg
New truck mpg
Gas price
Miles per year

25
10
40
12.5
3.70
12,000

Output area:

Gallons used per year


Current car
New car

480.00
300.00

Current truck
New truck

1,200.00
960.00

Gallons saved
New car
New truck

180.00
240.00

Chapter 10
Question 31
Input area:

Original cost of land


Current land value
Land value in 4 years
Marketing study
Year 1 sales
Year 2 sales
Year 3 sales
Year 4 sales
Sales price
Fixed costs
Variable costs
Equipment costs
Pretax salvage value
Net working capital
Tax rate
Required return
Year 1 depreciation
Year 2 depreciation
Year 3 depreciation
Year 4 depreciation

$
$
$
$

$
$
$
$
$

1,400,000
1,500,000
1,600,000
125,000
3,200
4,300
3,900
2,800
780
425,000
15%
4,200,000
400,000
125,000
38%
13%
33.33%
44.45%
14.81%
7.41%

Output area:

Aftertax salvage value


Sale price
Taxes
Total

$
$

400,000
(152,000)
248,000
Year 0

Revenues
Fixed costs
Variable costs
Depreciation

EBT

Taxes
Net income
OCF

$
$

Capital spending
Land
Net working capital

Total cash flow

$ (5,825,000.00) $

NPV

Year 1
2,496,000
425,000
374,400
1,399,860
296,740
112,761
183,979
1,583,839

$
$
$

Year 2
3,354,000
425,000
503,100
1,866,900
559,000
212,420
346,580
2,213,480

$
$
$

Year 3
3,042,000
425,000
456,300
622,020
1,538,680
584,698
953,982
1,576,002

(4,200,000)
(1,500,000)
(125,000)

229,266.82

1,583,839

2,213,480

1,576,002

$
$
$

Year 4
2,184,000
425,000
327,600
311,220
1,120,180
425,668
694,512
1,005,732

248,000
1,600,000
125,000

2,978,732

Chapter 10
Question 32
Input area:

Year 1 unit sales


Year 2 unit sales
Year 3 unit sales
Year 4 unit sales
Year 5 unit sales
Initial NWC
Additional NWC/year
Fixed costs
Variable cost per unit
Unit price
Equipment cost
Salvage value (% of price)
Tax rate
Required return
MACRS depreciation

$
$
$
$
$

93,000
105,000
128,000
134,000
87,000
1,800,000
15%
1,200,000
265
380
24,000,000
20%
35%
18%
14.29%
24.49%
17.49%
12.49%
8.93%

Output area:

Year
Ending book value
Sales
Variable costs
Fixed costs
Depreciation
EBIT
Taxes
Net income
Depreciation

0
$
$

$
$

1
20,570,400
35,340,000
24,645,000
1,200,000
3,429,600
6,065,400
2,122,890
3,942,510
3,429,600

Operating cash flow


Net cash flows
Operating cash flow
Change in NWC
Capital spending
Total cash flow
Net present value
Internal rate of return

$
$

- $
(1,800,000)
(24,000,000)
(25,800,000) $
3,851,952.23
23.62%

7,372,110

7,372,110
(684,000)
6,688,110

$
$

$
$

2
14,692,800
39,900,000
27,825,000
1,200,000
5,877,600
4,997,400
1,749,090
3,248,310
5,877,600

$
$

$
$

3
10,495,200
48,640,000
33,920,000
1,200,000
4,197,600
9,322,400
3,262,840
6,059,560
4,197,600

$
$

$
$

4
7,497,600
50,920,000
35,510,000
1,200,000
2,997,600
11,212,400
3,924,340
7,288,060
2,997,600

$
$

$
$

5
5,354,400
33,060,000
23,055,000
1,200,000
2,143,200
6,661,800
2,331,630
4,330,170
2,143,200

9,125,910

9,125,910 $
(1,311,000)
7,814,910 $

10,257,160

10,285,660

6,473,370

10,257,160 $
(342,000)
9,915,160 $

10,285,660
2,679,000
12,964,660

6,473,370
1,458,000
4,994,040
12,925,410

Chapter 10
Question 33
Input area:

Installed cost
Salvage value
Initial NWC
Tax rate
Required return
MACRS

$
$
$

610,000
40,000
55,000
35%
12%
33.33%
44.45%
14.81%
7.41%

Output area:

Aftertax salvage value

26,000.00

Year 1 depreciation
Year 2 depreciation
Year 3 depreciation
Year 4 depreciation

$
$
$
$

203,313.00
271,145.00
90,341.00
45,201.00

Year 1 depreciation CF
Year 2 depreciation CF
Year 3 depreciation CF
Year 4 depreciation CF
Initial cash outlay
NPV net of OCF

$
$
$
$
$
$

71,159.55
94,900.75
31,619.35
15,820.35
(665,000.00)
(447,288.67)

Pretax cost savings

190,895.74

Chapter 10
Question 34
Input area:

Quantity
Installation costs
Pretax salvage value
Fixed costs
Variable production cost
per carton
Net working capital
Tax rate
Required return
*Depreciation straight-line
over life
Price per carton

185,000
940,000
70,000
305,000

$
$
$
$
$

9.25
75,000
35%
12%
5
13.00

Output area:

Aftertax salvage value

a. Year
Sales
Variable costs
Fixed costs
Depreciation
EBIT
Taxes
Net income
Depreciation
Operating cash flow
Net cash flows
Operating cash flow
Change in NWC
Capital spending
Total cash flow

45,500
0

1
2,405,000
1,711,250
305,000
188,000
200,750
70,263
130,488
188,000
318,488

- $
(75,000)
(940,000)
(1,015,000) $

318,488
318,488

Net present value


b. NPV w/o OCF
Necessary OCF
Breakeven quantity

201,451.10

$
$

(946,625.06)
262,603.01
162,073

Year
Sales
Variable costs
Fixed costs
Depreciation
EBIT
Taxes
Net income
Depreciation
Operating cash flow

1
2,106,949
1,499,176
305,000
188,000
114,774
40,171
74,603
188,000
262,603

- $
(75,000)
(940,000)
(1,015,000) $

262,603
262,603

Net present value

c. NPV w/o OCF


Necessary OCF
Breakeven fixed costs

$
$
$

Net cash flows


Operating cash flow
Change in NWC
Capital spending
Total cash flow

0
$

Year
Sales
Variable costs
Fixed costs
Depreciation
EBIT
Taxes
Net income
Depreciation
Operating cash flow
Net cash flows
Operating cash flow

(946,625.06)
262,603.01
390,976.15
0

1
2,405,000
1,711,250
390,976
188,000
114,774
40,171
74,603
188,000
262,603

262,603

Change in NWC
Capital spending
Total cash flow

(75,000)
(940,000)
(1,015,000) $

Net present value

262,603

2
2,405,000
1,711,250
305,000
188,000
200,750
70,263
130,488
188,000
318,488

318,488
318,488

3
2,405,000
1,711,250
305,000
188,000
200,750
70,263
130,488
188,000
318,488

318,488
318,488

4
2,405,000
1,711,250
305,000
188,000
200,750
70,263
130,488
188,000
318,488

318,488
318,488

5
2,405,000
1,711,250
305,000
188,000
200,750
70,263
130,488
188,000
318,488

318,488
75,000
45,500
438,988

2
2,106,949
1,499,176
305,000
188,000
114,774
40,171
74,603
188,000
262,603

262,603
262,603

2
2,405,000
1,711,250
390,976
188,000
114,774
40,171
74,603
188,000
262,603

262,603

3
2,106,949
1,499,176
305,000
188,000
114,774
40,171
74,603
188,000
262,603

262,603
262,603

3
2,405,000
1,711,250
390,976
188,000
114,774
40,171
74,603
188,000
262,603

262,603

4
2,106,949
1,499,176
305,000
188,000
114,774
40,171
74,603
188,000
262,603

262,603
262,603

4
2,405,000
1,711,250
390,976
188,000
114,774
40,171
74,603
188,000
262,603

262,603

5
2,106,949
1,499,176
305,000
188,000
114,774
40,171
74,603
188,000
262,603

262,603
75,000
45,500
383,103

5
2,405,000
1,711,250
390,976
188,000
114,774
40,171
74,603
188,000
262,603

262,603

262,603

262,603

262,603

75,000
45,500
383,103

Chapter 10
Question 35
Input area:

Contract quantity
Equipment
Net working capital
Salvage value
Fixed costs
Variable costs/unit
Mkt. sales in Year 1
Mkt. sales in Year 2
Mkt. sales in Year 3
Mkt. sales in Year 4
Market price
Tax rate
Required return
Project NPV

$
$
$
$
$

17,500
3,400,000
95,000
275,000
600,000
175
3,000
6,000
8,000
5,000
285
40%
13%
100,000

Output area:

Market sales
Sales
Variable costs
EBT
Tax

1
$
$

855,000
525,000
330,000
132,000

$
$

2
1,710,000
1,050,000
660,000
264,000

$
$

3
2,280,000
1,400,000
880,000
352,000

$
$

4
1,425,000
875,000
550,000
220,000

Net income (and OCF)

198,000

NPV of market sales


Initial investment
Aftertax salvage value

$
$
$

1,053,672.99
3,495,000
165,000

NPV of OCF
OCF

$
$

2,381,864.14
800,768.90

Bid price

253.17

396,000

528,000

330,000

Chapter 10
Question 36
Input Area:

Old cost
New machine cost
Life of machine
Salvage value
Old machine depreciation
Old machine life left
MV old machine
Old machine value in 2 yrs
Saved operating costs
Discount rate
Tax rate

$
$
$
$
$
$
$

650,000
780,000
5
150,000
130,000
3
210,000
60,000
145,000
12%
38%

Output Area:

a. New computer:
Year
Ending book value

0
780,000

Cost savings
Depreciation
Operating CF
Change in NWC
Capital spending
Total cash flow

$
$

0
(780,000)
(780,000)

Net present value


EAC

$
$

(189,468.79)
(52,560.49)

Old Computer:
Year
Ending book value
Depreciation tax shield

1
624,000

$
$
$

89,900
59,280
149,180

0
0
149,180

1
260,000

49,400

Change in NWC
Capital spending
Total cash flow

$
$

0
(377,200)
(377,200)

Net present value


EAC

$
$

(224,674.49)
(132,939.47)

$
$
$

(780,000)
377,200
(402,800)

b. Difference:
New computer
Old computer
Total cash flow
NPV

35,205.70

0
0
$49,400

$
$

149,180
($49,400)
99,780

2
468,000

3
312,000

$
$
$

89,900
59,280
149,180

4
156,000

5
$

$
$
$

89,900
59,280
149,180

$
$
$

89,900
59,280
149,180

$
$
$

0
0
149,180 $

0
0
149,180 $

0
0 $
149,180 $

2
130,000

49,400

89,900
59,280
149,180
0
93,000
242,180

$
$

$
$
$

0
86,600
136,000

149,180 $
(136,000) $
13,180 $

149,180
149,180

$
$
$

149,180
149,180

$
$
$

242,180
242,180

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