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Problem - Wildhorse Corp. management is considering purchasing a machine that will cost $117,250 and will be depreciated on a straight-line basis over a five-year period. The sales and expenses (excluding depreciation) for the next five years are shown in the following table. The company's tax rate is 34 percent.
Year 1
Year 2
Year 3
Year 4
Year 5
Sales
$123,450
$178,875
$241,455
$260,440
$272,125
Expenses
$133,410
$126,488
$139,289
$146,112
$133,556
Wildhorse will accept all projects that provide an accounting rate of return (ARR) of at least 45 percent.
Required -
1. Calculate accounting rate of return.
2. Calculate the average net income.
3. Calculate the average book value.
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