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Question 3 During the past year, Stacy McGill planted a new vineyard on 150 acres of land that she leases for $31,060 a year. She has asked you, as her accountant, to assist her in determining the value of her vineyard operation. The vineyard will bear no grapes for the first 5 years (1-5). In the next 5 years (6-10), Stacy estimates that the vines will bear grapes that can be sold for $61,290 each year. For the next 20 years (11-30), she expects the harvest will provide annual revenues of $111,160. But during the last 10 years (31-40) of the vineyard's life, she estimates that revenues will decline to $83,280 per year. During the first 5 years, the annual cost of pruning, fertilizing, and caring for the vineyard is estimated at $9,410; during the years of production, 6-40, these costs will rise to $12,780 per year. The relevant market rate of interest for the entire period is 11%. Assume that all receipts and payments are made at the end of each year. Required: Dick Button has offered to buy Stacy's vineyard business by assuming the 40-year lease. On the basis of the current value of the business, what is the minimum price Stacy should accept?
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Emerson Electronics had the following information related to its September inventory. Sales were made at $20 per unit and Emerson uses the perpetual inventory system. What is the value of ending inventory under FIFO?
Compute the predetermined overhead rates that should be used during 2014 in Department A and B. Compute the total overhead cost applied to job 145.
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Can Wilshire Oil recover these secret profits and, in addition, recover the compensation paid to Riffe by Wilshire Oil during the period that he acted on behalf of the competitor? Explain.
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