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Problem - Jackson Company has an opportunity to invest in one of two new projects. Project Y requires a $360,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $360,000 investment for new machinery with a three-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year.
Project Y
Project Z
Sales
$355,000
$265,000
Expenses
Direct materials
49,700
30,125
Direct labor
71,000
36,750
Overhead including depreciation
127,800
129,250
Selling and administrative expenses
25,000
20,000
Total expenses
273,500
216,125
Pretax income
81,500
48,875
Income taxes (30%)
24,450
14,663
Net income
$57,050
$34,212
Requirement 1: Compute each project's annual expected net cash flows.
Requirement 2: Determine each project's payback period.
Requirement 3: Compute each project's accounting rate of return.
Requirement 4: Determine each project's net present value using 6% as the discount rate. Use the Table B.3 for annuity value. Assume that cash flows occur at each year-end.
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