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Question: Determining the present value of an annuity LO 16-1 The dean of the School of Fine Arts is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 8 percent return on the investment of funds. Estimates of cash inflows from copy machines that have been placed in other university buildings indicate that the copy machine would probably produce incremental cash inflows of approximately $20,000 per year. The machine is expected to have a three-year useful life with a zero salvage value. (Use appropriate factor(s) from the tables provided.)
Required: a. Use Present Value PV of $1 to determine the maximum amount of cash the dean should be willing to pay for a copy machine. (Round intermediate calculations and final answer to 2 decimal places.)
b. Use Present Value PVA of $1 to determine the maximum amount of cash the dean should be willing to pay for a copy machine. (Round your final answer to 2 decimal places.)
Big Brother Holdings, Inc. had the following available-for-sale investment portfolio at January 1, 2002. Prepare journal entries for each of the above transactions.
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Cybil Baunt just inherited a 1958 Chevy Impala from her late Aunt Joop. Aunt Joop purchased the car 25 years ago for $5,000. Cybil is either going to sell the car for $2,000 or have it restored and sell it for $16,000. The restoration will cost $1..
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