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A product is currently manufactured on a machine that is not fully depreciated for tax purposes and has a book value of Tk. 270000. It was purchased for Tk. 450000, 25 years ago. The cost of the product are as follows:
(Unit Cost)
Direct cost 35.00Indirect Cost 37.00Other Variable O/H 21.25Fixed O/H 21.50
An equipment manufacturer has offered the old machine as an exchange for new machine. The new machine would cost 650,000 before allowing for $190000 for the old machine. The product cost associated with the new machine are as follows:
Direct Labour 25.00Indirect Labor 38.00Other Variable O/H 20.00Fixed O/H 19.75
The direct labour cost are allocated from another departments. The old machine can be sold now for $150,000 in the open market. The new machine has an expected life of 15 years and salvage value of $50,000 at that time. The current corporate tax rate is 23%. For tax purpose cost of the new machine and book value of old machine may be depreciated in 15 years. The minimum required rate of return is 12%. It is expected that the future demand of the product will stay at $15,500 units p.a. The present value of annuity of $1 for 15 years @12%. The present value of $1 received at the end of 15th year @12% is 0.183
Problem 1: Should the machine be replaced?
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