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- Solutions Manual for Managerial Accounting 16th Edition by Garrison IBSN 1259307417
- Chap 009
- Chap 003
- Chap 004
- Chapter 4 Homework Questions
- Comprehensiveexam d
- Chap 008
- Chap 010
- Time Value of Money
- Time Value of Money Analysis
- Chap 001
- Chap 015
- Chap 002
- Comprehensiveexam c
- SMChap020
- Practice Problems-Income Tax Accounting
- SMChap021
- Chap 017
- ACCOUNTING INFORMATION SYSTEMS 12TH EDITION romney - ch 3
- Deeper Understanding (Fall 2009) Manual for FM

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True/False Questions

2. When interest is compounded, the contract rate of interest exceeds the effective rate of

interest.

4. The calculation of present value eliminates interest from future cash flows.

7. An annuity consists of level principal payments plus interest on the unpaid balance.

8. With an annuity due, a payment is made or received on the date the agreement begins.

9. Other things being equal, the present value of an annuity due will be less than the present

value of an ordinary annuity.

10. Given identical current amounts owed and identical interest rates, annual payments of an

ordinary annuity will be greater than annual payments of an annuity due.

11. A deferred annuity is one in which interest charges are deferred for a stated time period.

Chapter 6 Time Value of Money Concepts

13-17. Listed below are ten terms followed by a list of phrases that describe or characterize five of

the terms. Match each phrase with the correct term placing the letter designating the best term

in the space provided by the phrase.

Terms:

A. Annuity

B. Future value

C. Future value of an annuity due

D. Future value of an ordinary annuity

E. Monetary asset

F. Nonmonetary asset

G. Present value of a single amount

H. Present value of an annuity due

I. Simple interest

J. Time value of money

Phrases:

13. _____ A dollar now is worth more than a dollar later.

14. _____ A series of equal periodic payments.

15. _____ Accumulation of a series of equal payments with the last payment accruing interest.

16. _____ Accumulation of a series of equal payments with the last payment accruing no

interest.

17. _____ Accumulation of an amount with interest.

18-22. Listed below are ten terms followed by a list of phrases that describe or characterize five of

the terms. Match each phrase with the correct term placing the letter designating the best term

in the space provided by the phrase.

Terms:

A. Annuity

B. Future value

C. Future value of an annuity due

D. Future value of an ordinary annuity

E. Monetary asset

F. Nonmonetary asset

G. Present value of a single amount

H. Present value of an annuity due

I. Simple interest

J. Time value of money

Phrases:

18. _____ Amount today equivalent to a specified future amount.

19. _____ Its amount is not fixed or determinable.

20. _____ Based on initial principal only.

21. _____ Claim to a fixed amount of cash.

22. _____ Current worth of a series of equal payments received at the beginning of a period.

Chapter 6 Time Value of Money Concepts

23-27. Listed below are ten terms followed by a list of phrases that describe or characterize five of

the terms. Match each phrase with the correct term placing the letter designating the best term

in the space provided by the phrase.

Terms:

A. Annuity due

B. Compound interest

C. Deferred annuity

D. Effective yield

E. Future value of a single amount

F. Interest

G. Monetary liability

H. Ordinary annuity

I. Present value

J. Present value of an ordinary annuity

Phrases:

23. _____ Current worth of a series of equal payments received at the end of a period.

24. _____ Current worth of future cash flow(s).

25. _____ Fixed obligation to pay an amount in cash.

26. _____ Interest accumulates on interest.

27. _____ Substantive/real interest rate.

28-32. Listed below are ten terms followed by a list of phrases that describe or characterize five of

the terms. Match each phrase with the correct term placing the letter designating the best term

in the space provided by the phrase.

Terms:

A. Annuity due

B. Compound interest

C. Deferred annuity

D. Effective yield

E. Future value of a single amount

F. Interest

G. Monetary liability

H. Ordinary annuity

I. Present value

J. Present value of an ordinary annuity

Phrases:

28. _____ Rent for the use of money.

29. _____ Series of equal cash payments received at the beginning of each period.

30. _____ Series of equal cash payments received at the end of each period.

31. _____ Series of equal cash payments with the first cash payment more than one period after

the contract date.

32. _____ The money to which an amount invested will grow with time.

Chapter 6 Time Value of Money Concepts

33-37. Below are listed columns of interest tables for 9% interest, followed by labels for FIVE of the

columns. Match the columns with their appropriate labels by placing the letter designating the

column in the space provided by the label.

1 1.090 0.917 1.000 0.917 1.000 1.090

2 1.188 1.759 1.917 0.842 2.090 2.278

3 1.295 2.531 2.759 0.772 3.278 3.573

34. _____ Future value of an annuity due of $1

35. _____ Present value of $1

36. _____ Future value of $1

37. _____ Present value of an ordinary annuity of $1

1 2 3 4 5 6

1 1.000 1.000 .926 1.080 1.080 .926

2 1.926 2.080 .857 2.246 1.166 1.783

3 2.783 3.246 .793 3.506 1.260 2.577

4 3.577 4.506 .735 4.867 1.360 3.312

A) Present value of an ordinary annuity of 1.

B) Future value of an ordinary annuity of 1.

C) Present value of an annuity due of 1.

D) Future value of an annuity due of 1.

A) Present value of an ordinary annuity of 1.

B) Future value of an ordinary annuity of 1.

C) Present value of an annuity due of 1.

D) Future value of an annuity due of 1.

Chapter 6 Time Value of Money Concepts

A) Present value of 1.

B) Future value of 1.

C) Present value of an ordinary annuity of 1.

D) Present value of an annuity due of 1.

A) Present value of an ordinary annuity of 1.

B) Future value of an ordinary annuity of 1.

C) Present value of an annuity due of 1.

D) Future value of an annuity due of 1.

A) Present value of 1.

B) Future value of 1.

C) Present value of an ordinary annuity of 1.

D) Present value of an annuity due of 1.

A) Present value of an ordinary annuity of 1.

B) Future value of an ordinary annuity of 1.

C) Present value of an annuity due of 1.

D) Future value of an annuity due of 1.

44. Reba wishes to know how much would be in her savings account if she deposits a given sum

in an account and leaves it there at 6% interest for five years. She should use a table for the:

A) Future value of an ordinary annuity of 1.

B) Future value of 1.

C) Future value of an annuity of 1.

D) Present value of an annuity due of 1.

45. LeAnn wishes to know how much she should set aside now at 7% interest in order to

accumulate a sum of $5,000 in four years. She should use a table for the:

A) Present value of 1.

B) Future value of 1.

C) Present value of an ordinary annuity of 1.

D) Future value of an annuity due of 1.

Chapter 6 Time Value of Money Concepts

46. Tammy wants to buy a car that costs $10,000 and wishes to know the amount of the monthly

payments, which will be made at the first of the month, with interest of 12% on the unpaid

balance. She should use a table for the:

A) Present value of 1.

B) Present value of an ordinary annuity of 1.

C) Present value of an annuity due of 1.

D) Future value of an annuity due of 1.

47. George Jones is planning on a cruise for his 70th birthday party. He wants to know how much

he should set aside at the beginning of each month at 6% interest to accumulate the sum of

$4,800 in five years. He should use a table for the:

A) Future value of an ordinary annuity of 1.

B) Future value of an annuity due of 1.

C) Future value of 1.

D) Present value of an annuity due of 1.

48. Sandra won $5,000,000 in the state lottery which she has elected to receive at the end of each

month over the next thirty years. She will receive 7% interest on unpaid amounts. To

determine the amount of her monthly check, she should use a table for the:

A) Present value of an annuity of 1.

B) Future value of an annuity due of 1.

C) Present value of an ordinary annuity of 1.

D) Future value of an ordinary annuity of 1.

49. First Financial Auto Loan Department wishes to know the payment required at the first of

each month on a $10,500, 48-month, 11% auto loan. To determine this amount, First Financial

would:

A) Multiply $10,500 by the present value of 1.

B) Divide $10,500 by the future value of an ordinary annuity of 1.

C) Divide $10,500 by the present value of an annuity due of 1.

D) Multiply $10,500 by the present value of an ordinary annuity of 1.

50. To determine the future value factor for an annuity due for period n when given tables only for

an ordinary annuity:

A) Obtain the FVA factor for n+1 and deduct 1.

B) Obtain the FVA factor for n and deduct 1.

C) Obtain the FVA factor for n-1 and add 1.

D) Obtain the FVA factor for n+1 and add 1.

Chapter 6 Time Value of Money Concepts

51. A series of equal periodic payments that starts more than one period after the agreement is

called:

A) An annuity due.

B) An ordinary annuity.

C) A future annuity.

D) A deferred annuity.

52. A series of equal periodic payments in which the first payment is made one compounding

period after the date of the contract is:

A) A deferred annuity.

B) An ordinary annuity.

C) An annuity due.

D) A delayed annuity.

53. Loan A has the same original principal, interest rate, and payment amount as Loan B.

However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary

annuity. The maturity date of Loan A will be:

A) Earlier than Loan B.

B) Later than Loan B.

C) The same as Loan B.

D) Indeterminate with respect to loan B.

54. Loan C has the same principal amount, payment amount and maturity date as Loan D.

However, Loan C is structured as an annuity due while Loan D is structured as an ordinary

annuity. Loan C's interest rate is:

A) Higher than Loan D.

B) Less than Loan D.

C) The same as Loan D.

D) Indeterminate compared to Loan D.

55. Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus

of $2 million per year for 10 years, starting five years after he joins the company. The liability

for this bonus when the CEO is hired:

A) Is the present value of a deferred annuity.

B) Is the present value of an annuity due.

C) Is $20 million.

D) Is zero because no cash is owed for five years.

Chapter 6 Time Value of Money Concepts

56. Yamaha Inc. hires a new chief financial officer and promises to pay him a lump sum bonus

four years after he joins the company. The new CFO insists that the company invest an

amount of money at the beginning of each year in a 7% fixed rate investment fund to insure

the bonus will be available. To determine the amount that must be invested each year, a

computation must be made using the formula for:

A) The future value of a deferred annuity.

B) The future value of an ordinary annuity.

C) The future value of an annuity due.

D) None of the above is correct.

57. Which of the following must be known to compute the interest rate paid from financing an

asset purchase with an annuity?

A) Fair market value of the asset purchased, number and dollar amount of the annuity

payments

B) Present value of the annuity, dollar amount and timing of the annuity payments

C) Fair market value of the asset and timing of the annuity payments

D) Number of annuity payments and future value of the annuity

58. Koko Company pays $10 million at the beginning of each year for 10 years to Mocha Inc. for

a building with a fair market value of $75 million. What interest rate is Mocha earning on

financing this land sale?

A) Between 13% and 14%

B) Between 7% and 8%

C) Between 5.5% and 6%

D) Cannot be determined from the given information.

Rationale: That is, the present value of a 10-year annuity due of $10 million is $75 million,

when the discount factor (from Table 6) equals 7.5000. That point is between 7% and 8% in

the table.

59. Fenland Co. plans to retire $100 million in bonds in five years, so it wishes to create a fund by

making equal investments at the beginning of each year during that period in an account it

expects to earn 8% annually. What amount does Fenland need to invest each year?

A) $15,783,077

B) $17,045,650

C) $23,190,400

D) Cannot be determined from the given information.

Rationale: This is the amount in the future value of an annuity due formula, where $100

million = investment amount x factor from Table 5 where n=5 and i=8%. Thus, Investment

amount = $100 million/6.3359 = $15,783,077.

Chapter 6 Time Value of Money Concepts

60. Kunkle Company wishes to earn 20% annually on its investments. If it makes an investment

that equals or exceeds that rate, it considers it a success. Assume that it invests $2 million and

gets $500,000 in return at the end of each year fox X years. What is the minimum value of X

for which it will consider the investment a success? Assume that it cannot invest for fractional

parts of a year.

A) 4 years

B) 6 years

C) 7 years

D) 9 years

Rationale: The investment is successful when the present value of the ordinary annuity = $1

million. This is when the PV factor (from Table 4) is at least 4.0, so that multiplied by

$500,000; it is at least $2 million. In Table 4, at i=20%, the factor passes the 4.0 level in year

9.

61. Davenport Inc. offers a new employee a lump sum signing bonus at the date of employment.

Alternatively, the employee can take $30,000 at the date of employment and another $50,000

two years later. Assuming the employee's time value of money is 8% annually, what lump

sum at employment date would make her indifferent between the two options?

A) $60,000

B) $62,867

C) $72,867

D) $80,000

Rationale: The lump sum equivalent would be $30,000 + the present value of $50,000 where

n=2 and i=8%. That is, $30,000 + ($50,000 x 0.85734 from Table 2) = $72,867.

62. Quaker State Inc. offers a new employee a lump sum signing bonus at the date of

employment. Alternatively, the employee can take $8,000 at the date of employment plus

$20,000 at the end of each of his first three years of service. Assuming the employee's time

value of money is 10% annually, what lump sum at employment date would make him

indifferent between the two options?

A) $23,026

B) $57,737

C) $62,711

D) None of the above is correct.

Rationale: The lump sum equivalent would be $8,000 + the present value of a $20,000

ordinary annuity where n=3 and i=10%. That is, $8,000 + ($20,000 x 2.48685 from Table 4)

= $57,737.

Chapter 6 Time Value of Money Concepts

63. Garland Inc. offers a new employee a lump sum signing bonus at the date of employment,

June 1, 2006. Alternatively, the employee can take $39,000 at the date of employment plus

$10,000 each June 1 for five years, beginning in 2010. Assuming the employee's time value

of money is 9% annually, what lump sum at employment date would make him indifferent

between the two options?

A) $44,035

B) $40,855

C) $69,035

D) $65,855

Rationale: The lump sum equivalent would be $39,000 + the present value of a $10,000

deferred annuity. The present value of the deferred annuity on June 1, 2010 is an annuity due

with n=5 and i=9%. That is, ($10,000 x 4.23972 from Table 6) = $42,397. To compute the

equivalent of that amount at employment date, we take the present value of $42,397 where

n=4 and i=9% from Table 2, which is $42,397 x 0.70843 = $30,035. Therefore, the lump sum

equivalent would be $39,000 + $30,035 = $69,035.

64. Chancellor Ltd. sells an asset with a $1 million fair market value to Sophie Inc. Sophie agrees

to make 6 equal payments, one year apart, commencing on the date of sale. The payments

include principal and 6% annual interest. Compute the annual payments.

A) $166,651

B) $135,252

C) $203,351

D) $191,852

Rationale: We compute the annual payments in the present value of an annuity due formula,

where the present value is $1 million, n=6 and i=6%. The discount factor (from table 6) is

5.21236. Dividing $1 million by this factor gives payments of $191,852.

1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000

2 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087

3 1.09273 0.91514 3.0909 2.82861 3.1836 2.91347

4 1.12551 0.88849 4.1836 3.71710 4.3091 3.82861

5 1.15927 0.86261 5.3091 4.57971 5.4684 4.71710

6 1.19405 0.83748 6.4684 5.41719 6.6625 5.57971

7 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719

8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028

9 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969

10 1.34392 0.74409 11.4639 8.53020 11.8078 8.78611

11 1.38423 0.72242 12.8078 9.25262 13.1920 9.53020

12 1.42576 0.70138 14.1920 9.95400 14.6178 10.25262

13 1.46853 0.68095 15.6178 10.63496 16.0863 10.95400

14 1.51259 0.66112 17.0863 11.29607 17.5989 11.63496

15 1.55797 0.64186 18.5989 11.93794 19.1569 12.29607

16 1.60471 0.62317 20.1569 12.56110 20.7616 12.93794

Chapter 6 Time Value of Money Concepts

65. Today Thomas deposited $100,000 in a three-year 12% CD that compounds quarterly. What is

the maturity value of the CD?

A) $109,270.

B) $119,410.

C) $142,576.

D) $309,090.

Rationale:

FV = $100,000 x 1.42576* = $142,576

*n = 12; i = 3%

66. Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would

like the account to have a balance of $50,000 five years from now. How much must Carol

deposit to accomplish her goal?

A) $35,069.

B) $43,131.

C) $37,205.

D) $35,000.

Rationale:

PV = $50,000 x 7.44409* = $37,205

*n = 10; i = 3%

67. Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would

like the account to have a balance of $100,000 four years from now. How much must Shane

deposit to accomplish his goal?

A) $88,848.

B) $78,941.

C) $25,336.

D) $22,510.

Rationale:

PV = $100,000 x .78941* = $78,941

*n = 8; i = 3%

68. At the end of each quarter, Patti deposits $500 into an account that pays 12% interest

compounded quarterly. How much will Patti have in the account in three years?

A) $7,096.

B) $7,013.

C) $7,129.

D) $8,880.

Rationale:

FVA = $500 x 14.1920* = $7,096

*n = 12; i = 3%

Chapter 6 Time Value of Money Concepts

69. Bill wants to give Maria a $500,000 gift in seven years. If money is worth 6% compounded

semiannually, what is Maria's gift worth today?

A) $ 66,110.

B) $ 81,310.

C) $406,550.

D) $330,560.

Rationale:

PV = $500,000 x .66112* = $330,560

*n = 14; i = 3%

70. Monica wants to sell her share of an investment to Barney for $50,000 in three years. If

money is worth 6% compounded semiannually, what would Monica accept today?

A) $ 8,375.

B) $41,874.

C) $11,941.

D) $41,000.

Rationale:

PV = $50,000 x .83748* = $41,874

*n = 6; i = 3%

71. Sondra deposits $2,000 in an IRA account on April 15, 2006. Assume the account will earn

only 3% annually. If she repeats this for the next nine years, how much will she have on

deposit on April 14, 2016?

A) $20,600.

B) $20,728.

C) $23,616.

D) $24,715.

Rationale:

FVAD = $2,000 x 11.8078* = $23,616

*n = 10; i = 3%

72. Shelley wants to cash in her winning lottery ticket. She can either receive ten $100,000

semiannual payments starting today, or she can receive a lump-sum payment now based on a

6% annual interest rate. What would be the lump-sum payment?

A) $853,020.

B) $801,971.

C) $744,090.

D) $878,611.

Rationale:

PVAD = $100,000 x 8.78611* = $878,611

*n = 10; i = 3%

Chapter 6 Time Value of Money Concepts

73. Jose wants to cash in his winning lottery ticket. He can either receive five $5,000 semiannual

payments starting today, or he can receive a lump-sum payment now based on a 6% annual

interest rate. What would be the lump-sum payment?

A) $23,586.

B) $22,899.

C) $21,565.

D) $23,000.

Rationale:

PVAD = $ 5,000 x 4.71710* = $23,586

*n = 5; i = 3%

74. Micro Brewery borrows $300,000 to be paid off in three years. The loan payments are

semiannual with the first payment due in six months, and interest is at 6%. What is the amount

of each payment?

A) $ 55,379.

B) $106,059.

C) $ 30,138.

D) $ 60,276.

Rationale:

$300,000/5.41719* = $55,379

*PVA: n = 6; i = 3%

75. Rosie's Florist borrows $300,000 to be paid off in six years. The loan payments are

semiannual with the first payment due in six months, and interest is at 6%. What is the amount

of each payment?

A) $25,750.

B) $29,761.

C) $30,139.

D) $25,500.

Rationale:

$300,000/9.95400* = $30,139

*PVA: n = 12; i = 3%

76. At the end of the next four years, a new machine is expected to generate net cash flows of

$8,000, $12,000, $10,000, and $15,000, respectively. What are the cash flows worth today if a

3% interest rate properly reflects the time value of money in this situation?

A) $41,556.

B) $47,700.

C) $32,400.

D) $38,100.

Rationale:

($8,000 x .97087) + ($12,000 x .94260) + ($10,000 x .91514) + ($15,000 x .88849) = $7,767

+ 11,311 + 9,151 + 13,327 = $41,556

Chapter 6 Time Value of Money Concepts

77. A firm leases equipment under a capital lease (analogous to an installment purchase) that calls

for twelve semiannual payments of $39,014.40. The first payment is due at the inception of

the lease. The annual rate on the lease is 6%. What is the value of the leased asset at inception

of the lease?

A) $388,349.

B) $400,000.

C) $454,128.

D) $440,082.

Rationale:

PVAD = $39,014.40 x 10.25262 * = $400,000

*n = 12 i = 3%

78. Jimmy has $255,906 accumulated in a 401K plan. The fund is earning a low, but safe, 3% a

year. The withdrawals will take place at the end of each year starting a year from now. How

soon will the fund be exhausted if Jimmy withdraws $30,000 each year?

A) 11 years.

B) 10 years.

C) 8.5 years.

D) 8.8 years.

Rationale:

$255,906/$30,000 = 8.5302

For PVA factor of 8.5302 and i of 3%, n = 10

79. Debbie has $368,882 accumulated in a 401K plan. The fund is earning a low, but safe, 3% a

year. The withdrawals will take place annually starting today. How soon will the fund be

exhausted if Debbie withdraws $30,000 each year?

A) 15 years.

B) 16 years.

C) 14 years.

D) 12.3 years.

Rationale: $368,882/$30,000 = 12.29607

For PVAD factor of 12.29607 and i of 3%, n = 15

80. On January 1, 2006, you are considering making an investment that will pay three annual

payments of $10,000. The first payment is not expected until December 31, 2008. You are

eager to earn 3%. What is the present value of the investment on January 1, 2006?

A) $26,662.

B) $27,462.

C) $28,286.

D) $29,135.

Rationale:

PVA = $10,000 x ( 4.57971* - 1.91347**) = $26,662

*n = 5, i = 3% **n = 2; i = 3%

Chapter 6 Time Value of Money Concepts

81. On January 1, 2006, you are considering making an investment that will pay three annual

payments of $10,000. The first payment is not expected until December 31, 2009. You are

eager to earn 3%. What is the present value of the investment on January 1, 2006?

A) $28,286.

B) $25,886.

C) $26,662.

D) $27,300.

Rationale:

PVA = $10,000 x (5.41719* 2.82861**) = $25,886

*n = 6, i = 3% **n = 3; i = 3%

Value Value Annuity Annuity

1 .91743 1.09000 .91743 1.0000

2 .84168 1.18810 1.75911 2.0900

3 .77218 1.29503 2.53129 3.2781

4 .70843 1.41158 3.23972 4.5731

5 .64993 1.53862 3.88965 5.9847

6 .59627 1.67710 4.45892 7.5233

82. How much must be invested now at 9% interest to accumulate to $10,000 in five years?

A) $9,176.

B) $6,499.

C) $5,500.

D) $5,960.

Rationale:

PV = $10,000 x .64993* = $6,499

*n = 5 i = 9%

83. How much must be deposited at the beginning of each year in order to accumulate to $10,000

in four years if interest is at 9%?

A) $1,671.

B) $2,570.

C) $2,358.

D) $2,006.

Rationale:

$10,000/(5.9847*= $2,006

FVAD: *n = 5 i = 9%

Chapter 6 Time Value of Money Concepts

84. Mustard's Inc. sold the rights to use one of their patented processes that will result in cash

receipts of $2,500 at the end of each of the next four years and a lump sum receipt of $4,000 at

the end of the fifth year. The total present value of these payments if interest is at 9% is:

A) $10,699.

B) $11,468.

C) $12,100.

D) $14,000.

Rationale:

PVA = $2,500 x 3.23972 (n = 4) = $ 8,099

PV = $4,000 x .64993 (n = 5) = 2,600

$10,699

85. Ajax Company purchased a five-year certificate of deposit for their building fund in the

amount of $220,000. How much should the certificate of deposit be worth at the end of five

years if interest is compounded at an annual rate of 9%?

A) $857,230.

B) $142,985.

C) $319,000.

D) $338,496.

Rationale:

FV = $220,000 x 1.53862 * = $338,496

*n = 5 i = 9%

86. Claudine Corporation will deposit $5,000 into a money market sinking fund at the end of each

year for the next five years. How much will accumulate by the end of the fifth and final

payment if the sinking fund earns 9% interest?

A) $32,617.

B) $29,924.

C) $27,250.

D) $26,800.

Rationale:

FVA = $5,000 x 5.9847 * = $29,924

*n = 5 i = 9%

Value Value Annuity Annuity

1 .90090 1.11000 .90090 1.0000

2 .81162 1.23210 1.71252 2.1100

3 .73119 1.36763 2.44371 3.3421

4 .65873 1.51807 3.10245 4.7097

5 .59345 1.68506 3.69590 6.2278

6 .53464 1.87041 4.23054 7.9129

Chapter 6 Time Value of Money Concepts

87. Spielberg Inc. signed a $200,000 noninterest-bearing note due in five years from a production

company eager to do business. Comparable borrowings have carried an 11% interest rate. At

what amount should this debt be carried at its inception?

A) $200,000.

B) $178,000.

C) $118,690.

D) $222,000.

Rationale:

PV = $200,000 x .59345 * = $118,690

*n = 5; i = 11%

88. On October 1, 2006, Justine Company purchased equipment from Napa Inc. in exchange for a

noninterest-bearing note payable in five equal annual payments of $500,000, beginning Oct 1,

2007. Similar borrowings have carried an 11% interest rate. The equipment would be recorded

at:

A) $2,500,000.

B) $2,225,000.

C) $1,847,950.

D) $2,115,270.

Rationale:

PVA = $500,000 x 3.69590 * = $1,847,950

*n = 5; i = 11%

89. Titanic Corporation leased executive limos under terms of $20,000 down and four equal

annual payments of $30,000 on the anniversary date of the lease. The interest rate implicit in

the lease is 11%. The first year's interest expense would be:

A) $13,200.

B) $10,238.

C) $33,200.

D) $15,543.

Rationale:

PVA = $30,000 x 3.10245 * = $93,074

$93,074 x 11% = $10,238

*n = 4; i = 11%

Chapter 6 Time Value of Money Concepts

90. Polo Publishers purchased a multi-color offset press with terms of $50,000 down and a

noninterest-bearing note requiring payment of $20,000 at the end of each year for five years.

The interest rate implicit in the purchase contract is 11%. Polo would record the asset at:

A) $109,618.

B) $123,918.

C) $130,000.

D) $169,560.

Rationale:

$50,000 + ($20,000 x 3.69590) = $123,918

*PVA: n = 5; i = 11%

Problems

91. Compute the future value of the following invested amounts at the specified periods and

interest rates.

Item Amount Rate Periods

(a.) $20,000 8% 10

(b.) $30,000 4% 8

(c.) $10,000 12% 15

Answer:

(a.) FV = $20,000 x 2.15892 = $43,178

(b.) FV = 30,000 x 1.36857 = 41,057

(c.) FV = 10,000 x 5.47357 = 54,736

92. Compute the present value of the following single amounts to be received at the end of the

specified period at the given interest rate.

Item Amount Rate Periods

(a.) $40,000 7% 20

(b.) $20,000 6% 25

(c.) $50,000 11% 10

Answer:

(a.) PV = $40,000 x .25842 = $10,337

(b.) PV = $20,000 x .23300 = $4,660

(c.) PV = $50,000 x .35218 = $17,609

Chapter 6 Time Value of Money Concepts

93. Incognito Company is contemplating the purchase of a machine that provides it with net after-

tax cash savings of $80,000 per year for 5 years. Interest is 8%. Assume the cash savings

occur at the end of each year.

Required: Calculate the present value of the cash savings.

94. Samson Inc. is contemplating the purchase of a machine that will provide it with net after-tax

cash savings of $100,000 per year for 8 years. Interest is 10%. Assume the cash savings occur

at the end of each year.

Required: Calculate the present value of the cash savings.

95. DON Corp. is contemplating the purchase of a machine that will produce net after-tax cash

savings of $20,000 per year for 5 years. At the end of five years, the machine can be sold to

realize after-tax cash flows of $5,000. Interest is 12%. Assume the cash flows occur at the end

of each year.

Required: Calculate the total present value of the cash savings.

Answer:

PVA = $20,000 x 3.60478 = $72,096

PV = 5,000 x .56743 = 2,837

PV OF CASH SAVINGS $74,933

consultant estimates that the rearrangement should result in after-tax cash savings of $6,000

the first year, $10,000 for the next two years, and $12,000 for the next two years. Interest is at

12%. Assume cash flows occur at the end of the year.

Required: Calculate the total present value of the cash flows.

Answer:

PV OF FUTURE VARIABLE CASH FLOWS

1 $ 6,000 .89286 $ 5,357

2 10,000 .79719 7,972

3 10,000 .71178 7,118

4 12,000 .63552 7,626

5 12,000 .56743 6,809

$34,882 TOTAL PV OF CASH SAVINGS

Chapter 6 Time Value of Money Concepts

97. Price Mart is considering outsourcing its billing operations. A consultant estimates that

outsourcing should result in after-tax cash savings of $9,000 the first year, $15,000 for the

next two years, and $18,000 for the next two years. Interest is at 12%. Assume cash flows

occur at the end of the year.

Required: Calculate the total present value of the cash flows.

Answer:

PV OF FUTURE VARIABLE CASH FLOWS

1 $ 9,000 .89286 $ 8,036

2 15,000 .79719 11,958

3 15,000 .71178 10,677

4 18,000 .63552 11,439

5 18,000 .56743 10,214

$52,324 TOTAL PV OF CASH SAVINGS

98. Baird Bros. Construction is considering the purchase of a machine at a cost of $125,000. The

machine is expected to generate cash flows of $20,000 per year for ten years and can be sold

at the end of ten years for $10,000. Interest is at 10%. Assume the machine would be paid for

on the first day of year one, but that all other cash flows occur at the end of the year. Ignore

income tax considerations.

Required: Determine if Baird should purchase the machine.

Answer:

Present value of cash outflows $125,000

Present value of cash inflows:

Annual cash flows - $20,000 x 6.14457 $122,891

Residual value - $10,000 x .38554 3,855 126,746

Positive present value of net cash flows $ 1,746

Based on present value considerations, Baird Bros. Construction should buy the machine.

Chapter 6 Time Value of Money Concepts

99. Dobson Contractors is considering buying equipment at a cost of $75,000. The equipment is

expected to generate cash flows of $15,000 per year for eight years and can be sold at the end

of eight years for $5,000. Interest is at 12%. Assume the equipment would be paid for on the

first day of year one, but that all other cash flows occur at the end of the year. Ignore income

tax considerations.

Required: Determine if Dobson should purchase the machine.

Answer:

Present value of cash outflows $75,000

Present value of cash inflows:

Annual cash flows - $15,000 x 4.96764 $74,515

Residual value - $5,000 x .40388 2,019 76,534

Positive present value of net cash flows $ 1,534

Based on present value considerations, Dobson Construction should buy the machine.

100. Hillsdale is considering two options for comparable computer software. Option A will cost

$25,000 plus annual license renewals of $1,000 for three years, which includes technical

support. Option B will cost $20,000 with technical support being an add-on charge. The

estimated cost of technical support is $4,000 the first year, $3,000 the second year, and $2,000

the third year. Assume the software is purchased and paid for at the beginning of year one, but

that technical support is paid for at the end of each year. Interest is at 8%. Ignore income

taxes.

Required: Determine which option should be chosen based on present value considerations.

Answer:

Option A.

Year Cash Flow PV Present Value

0 $25,000 1.00000 $25,000

1 1,000 .92593 926

2 1,000 .85734 857

3 1,000 .79383 794

$27,577

Option B.

Year Cash Flow PV Present Value

0 $20,000 1.00000 $20,000

1 4,000 .92593 3,704

2 3,000 .85734 2,572

3 2,000 .79383 1,588

$27,864

Option A should be chosen because it has the lower cost based on present value

considerations.

Chapter 6 Time Value of Money Concepts

101. Bison Mfg. is considering two options for purchasing comparable machinery. Machine 1 will

cost $27,500 plus an annual maintenance fee of $1,500 per year for four years. Machine 2 will

cost $25,000 with maintenance being an add-on charge. The estimated cost of maintenance is

$1,000 the first year, $3,000 the second year, and $4,000 the third year and the fourth year.

Assume the purchase cost is paid up front, but that maintenance is paid for at the end of each

year. Interest is at 10%. Ignore income taxes and residual values.

Required: Determine which machine should be chosen based on present value considerations.

Answer:

Option A.

Year Cash Flow PV Present Value

0 $27,500 1.00000 $27,500

1 1,500 .90909 1,364

2 1,500 .82645 1,240

3 1,500 .75131 1,127

4 1,500 .68301 1,025

$32,256

Option B.

Year Cash Flow PV Present Value

0 $25,000 1.00000 $25,000

1 1,000 .90909 909

2 3,000 .82645 2,479

3 4,000 .75131 3,005

4 4,000 .68301 2,732

$34,125

Option A should be chosen because it has the lower cost based on present value

considerations.

102. Under the NBA deferred compensation plan, payments made at the end of each year

accumulate up to retirement and then retirees are given two options. Option 1 allows the

retiree to select the amount of the annual payment to be received and option 2 allows the

retiree to specify over how many years payments are to be received. Assume Rodman has had

$6,000 deposited at the end of each year for 30 years, and that the long-term interest rate has

been 8%.

Required:

(a.) How much has accumulated in Rodman's deferred compensation account?

(b.) How much will Rodman be able to withdraw at the beginning of each year if he elects to

receive payments for fifteen years?

(c.) How many years will Rodman be able to receive payments if he chooses to receive

$65,000 per year at the beginning of each year?

Chapter 6 Time Value of Money Concepts

Answer:

(a.) Balance in fund = FVA = $6,000 x 113.2832 = $679,699

(b.) Option 2: $679,699/9.24424* = $73,527

*PVAD n = 15; i = 8%

(c.) Option 1: $679,699/$65,000 = 10.45691

Interpolation:

PVAD n = 20, i = 8% 10.60360

PVAD n = 19, i = 8% 10.37189

Difference .23171

PVAD n = ?, i = 8% 10.45691

PVAD n = 19, i = 8% 10.37189

Difference .08502

.08502/.23171 = .37

So Rodman will be able to receive $65,000 per year for 19 years, with a partial payment in

year 20 of approximately $65,000 x 37% = $24,050.

103. Under the MLB deferred compensation plan, payments made at the end of each year

accumulate up to retirement and then retirees are given two options. Option 1 allows the

retiree to select the amount of the annual payment to be received and option 2 allows the

retiree to specify over how many years payments are to be received. Assume Sosa has had

$5,000 deposited at the end of each year for 40 years, and that the long-term interest rate has

been 7%.

Required:

(a.) How much has accumulated in Sosa's deferred compensation account?

(b.) How much will Sosa be able to withdraw at the beginning of each year if he elects to

receive payments for twenty years?

(c.) For how many years will Sosa be able to receive payments if he chooses to receive

$115,000 per year at the beginning of each year?

Answer:

(a.) Balance in fund = FVA = $5,000 x 199.6351 = $998,176

(b.) Option 2: $998,176/11.33560* = $88,057

*PVAD n = 20; i = 7%

(c.) Option 1: $998,176/$115,000 = 8.67979

Interpolation:

PVAD n = 13, i = 7% 8.94269

PVAD n = 12, i = 7% 8.49867

Difference .44402

PVAD n = ?, I = 7% 8.67979

PVAD n = 12, i = 7% 8.49867

Difference .18112

.18112/.44402 = .41

So Sosa will be able to receive payments of $115,000 for 12 years, with a partial payment in

year 13 of approximately $115,000 x 41% = $47,150.

Chapter 6 Time Value of Money Concepts

104. ABC Company will issue $5,000,000 in 6%, 10-year bonds when the market rate of interest is

8%. Interest is paid semiannually.

Required: Determine how much cash ABC Company will realize from the bond issue.

Answer:

$5,000,000 x 6% x 6/12 = $150,000

n= 20; i = 4%

PVA: $150,000 x 13.59033 2,038,550

BOND ISSUE PRICE $4,320,500

105. DEF Company will issue $2,000,000 in 10%, 10-year bonds when the market rate of interest

is 12%. Interest is paid semiannually.

Required: Determine how much cash DEF Company should realize from the bond issue.

Answer:

$2,000,000 x 10% x 6/12 = $100,000

n= 20; i = 6%

PVA: $100,000 x 11.46992 1,146,992

BOND ISSUE PRICE $1,770,592

106. GHI Company will issue $2,000,000 in 8%, 10-year bonds when the market rate of interest is

6%. Interest is paid semiannually.

Required: Determine how much cash GHI Company should realize from the bond issue.

Answer:

$2,000,000 x 8% x 6/12 = $80,000

n= 20; i = 3%

$80,000 x 14.87747 1,190,198

BOND ISSUE PRICE $2,297,558

Chapter 6 Time Value of Money Concepts

107. JKL Company will issue $2,000,000 in 12%, 10 year bonds when the market rate of interest is

10%. Interest is paid semiannually.

Required: Determine how much cash JKL Company should realize from the bond issue.

Answer:

$2,000,000 x 12% x 6/12 = $120,000

n= 20; i = 5%

PVA: $120,000 x 12.46221 1,495,465

BOND ISSUE PRICE $2,249,245

108. MBI Company's largest computer has a cash selling price of $200,000. A customer wishes to

buy the computer on a lease purchase plan over five years, with the first payment to be made

at the inception of the lease. Interest is at 10%.

Required:

(a.) Compute the amount of the annual lease payment and the gross amount due under the

lease.

(b.) Compute the amount of interest income earned by MBI for the first year of the lease.

Answer:

(a.) Annual lease payment = $200,000 / 4.16987* = $47,963

*(PVAD: n = 5; i =10%)

Gross amount due = $47,963 x 5 years = $239,815

Payment on signing lease 47,963

Unpaid balance 152,037

Interest rate 10%

Interest income first year of lease $ 15,204

Chapter 6 Time Value of Money Concepts

109. Taylor's tractor-trailer rigs sell for $150,000. A customer wishes to buy a rig on a lease

purchase plan over seven years, with the first payment to be made at the inception of the lease.

Interest is at 12%.

Required:

(a.) Compute the amount of the annual lease payment and the gross amount due under the

lease.

(b.) Compute the amount of interest income earned by Taylor's for the first year of the lease.

Answer:

(a.) Annual lease payment = $150,000 / 5.11141* = $29,346

*(PVAD: n = 7; i =12%)

Gross amount due = $29,346 x 7 years = $205,422

Payment on signing lease 29,346

Unpaid balance 120,654

Interest rate 12%

Interest income first year of lease $ 14,478

purchase needed equipment. Triskitt will make five annual end-of-year payments of $10,000

to pay off the note. In addition, Triskitt will sell materials to the customer over the next five

years at less than normal prices to compensate for the unstated interest. The market rate of

interest for such transactions and parties is 12%.

Required:

(a.) What is the present value of the note at its inception?

(b.) What adjustment (if any) should Triskitt make to the sales account over the next five

years?

Answer:

(a.) 10,000 x 3.60478* = $36,048

*(PVA: n = 5; i =12%)

(b.) Amount of note $50,000

Present value of note 36,048

Imputed interest on note $13,952

Triskitt should debit interest expense and credit sales for the imputed interest over the term of

the loan.

Chapter 6 Time Value of Money Concepts

111. Oregon Company loaned a supplier $125,000 on a noninterest-bearing note to enable the

supplier to purchase needed equipment. The supplier will make five annual end-of-year

payments of $25,000 to pay off the note. In addition, the supplier will sell materials to Oregon

over the next five years at less than normal prices to compensate for the unstated interest. The

market rate of interest for such transactions and parties is 12%.

Required:

(a.) What is the present value of the note at its inception?

(b.) What adjustment (if any) should Oregon make to the cost of purchases over the next five

years?

Answer:

(a.) 25,000 x 3.60478* = $ 90,120

*(PVA: n = 5; i =12%)

(b.) Amount of note $125,000

Present value of note 90,120

Imputed interest on note $ 34,880

Oregon should debit inventory and credit interest revenue for the imputed interest over the

term of the loan.

112. On May 1, 2006, Bo Smith, proud father of newborn son Bobo, purchased a $200,000 zero-

coupon bond which matures on May 1, 2026. The bond pays no interest during the period of

time it is outstanding. The interest rate for such borrowings is at 9%. Interest compounds

annually.

Required: Calculate the price Bo paid for the bond.

Answer:

$200,000 x .17843* = $35,686

*PV: n= 20; i = 9%

113. On February 1, 2006, Lynda Brown, proud mother of newborn daughter Goldie, purchased a

$600,000 zero-coupon bond which matures on February 1, 2026. The bond pays no interest

during the period of time it is outstanding. The interest rate for such borrowings is at 12%.

Required: Calculate the price Lynda paid for the bond.

Answer:

$600,000 x .10367* = $62,202

*PV: n= 20; i = 12%

Chapter 6 Time Value of Money Concepts

114. Titan Corporation has a defined benefit pension plan. One of its employees has vested benefits

under the plan which will pay her $30,000 annually for life starting with the first $30,000

payment on the day she retires at the age of 65. The employee has just reached the age of 45.

Titan consulted standard mortality tables to come up with a life expectancy of 80 for this

employee. The implicit interest rate under the plan is 9%.

Required:

(a.) What will be the present value of the pension obligation at the time of the employee's

retirement?

(b.) What is the present value of the pension obligation at the current time?

Answer:

30,000 x 8.78615* $263,585

*PVAD: n= 15; i = 9%

263,585 x .17843* $47,031

*PV: n= 20; i = 9%

115. King Corporation has a defined benefit pension plan. One of its employees has vested benefits

under the plan which will pay him $40,000 annually for life starting with the first payment of

$40,000 on the day he retires at the age of 65. The employee has just reached the age of 50.

King consulted standard mortality tables to come up with a life expectancy of 80 for this

employee. The implicit interest rate under the plan is 9%.

Required:

(a.) What will be the present value of the pension obligation at the time of the employee's

retirement?

(b.) What is the present value of the pension obligation at the current time?

Answer:

$40,000 x 8.78615* $351,446

*PVAD: n= 15; i = 9%

$351,446 x. .27454* $96,486

*PV: n= 15; i = 9%

Chapter 6 Time Value of Money Concepts

The following information was disclosed in the Debt footnote to the financial statements of

Healdsburg Company for the year ended December 31, 2005:

Debt. The following table summarizes the long-term debt of the Company at December 31, 2005:

7.75% notes due 2013 $345,154,000

8% notes due 2023 $225,000,000

7.63% notes due 2031 $200,000,000

6.55% notes due 2007 $ 25,000,000

Required: Assuming that the notes pay interest annually and mature on December 31 of the

respective years, compute the following:

116. The total cash interest payments in 2006 for these notes.

($25,000 x .0655) = $76,243.72 thousand (i.e., $76, 243,720)

117. Suppose that Healdsburg wants to buy back the 7.75% notes on December 31, 2008 (i.e., 5

years early) when the going interest rate is 6%, thereby retiring the $345,154,000 in debt.

How much would Healdsburg have to pay for the notes (principal only)?

74726 = $257,919,778

118. Suppose that Healdsburg renegotiates the 8% notes on December 31, 2011 when the going

interest rate is 8%. Healdsburg agrees to make 12 equal annual installments, commencing on

December 31, 2012, rather than pay the $225 million in a lump sum at maturity. What would

the annual payments be?

Answer: $225 million would be the PVA; n = 12 and I = 8%. Therefore, the payments would

be $225 million/7.53608 = $29,856,371.

119. Suppose that Healdsburg enters into a sales contract with an auto manufacturer on January 1,

2006, to provide tires that cost Healdsburg $18 million to produce. The buyer offers

Healdsburg $6 million in cash and agrees to take over the principal payment only on

Healdsburg 's 6.55% debt notes. Assume that the going market interest is 7% at the time.

What would Healdsburg's gross profit be on the sale?

Answer: The revenue would be $6 million + the PV of the 6.55% note principal, where n = 2

and I = 7%. Revenue = $6 million + ($25 million x .87344) = $27,836,000. Therefore,

Healdsburg's gross profit on the sale would be $27,836,000 18,000,000 = $9,836,000.

Chapter 6 Time Value of Money Concepts

Essay

Instructions:

The following answers point out the key phrases that should appear in students' answers. They are not

intended to be examples of complete student responses. It might be helpful to provide detailed

instructions to students on how brief or in-depth you want their answers to be.

120. Briefly explain how you would arrive at the monthly payment for a 48-month loan where the

first payment is due one month from the loan date. In your explanation, include the use of

present and future value tables.

Answer: The 48-month loan described is an ordinary annuity. Therefore, the appropriate table

would be for the present value of an ordinary annuity (PVA). The annual stated interest rate

would be divided by 12 to arrive at the periodic rate. Thus, an 18% annual rate yields a

periodic rate of 1.5%. You would arrive at the monthly payment by dividing the known loan

amount by the PVA factor at 1.5% for 48 periods.

121. Prepare a time diagram for the future value an ordinary annuity with three payments of $300.

Be sure to indicate the periods in which interest is added.

Answer:

TIME DIAGRAM FOR THE FUTURE VALUE OF AN ORDINARY ANNUITY WITH

THREE PAYMENTS OF $300

1st $300 pmt 2nd $300 pmt 3rd $300 pmt FVA

122. Prepare a time diagram for the future value an annuity due with three payments of $400. Be

sure to indicate the periods in which interest is added.

Answer:

TIME DIAGRAM FOR THE FUTURE VALUE OF AN ANNUITY DUE WITH THREE

PAYMENTS OF $400

1st $400 pmt 2nd $400 pmt 3rd $400 pmt FVAD

Chapter 6 Time Value of Money Concepts

123. Explain how you would compute the imputed interest on cash borrowed at zero percent

interest when the market rate of interest is eight percent.

Answer: Imputed interest on a zero percent interest loan is a two-step process. First, compute

the present value of the loan repayments by discounting at the appropriate market rate, 8% in

this situation. Second, compare the loan amount to the lower present value computed in step

one; the difference is the amount of imputed interest to be recognized over the term of the

loan.

124. Two banks each have annual CD rates of twelve percent. Bank A compounds quarterly and

Bank B compounds semiannually. Explain which bank offers the better CD.

Answer: The yield on a CD increases with more frequent compounding periods. Therefore,

since both CDs have the same stated rate of 12%, Bank A, that compounds quarterly, offers a

better yield than Bank B with semiannual compounding.

125. Provide two examples of the use of present value techniques in accounting.

Answer: This question only asks for two examples of the use of present value techniques in

accounting. The chapter previews the use of PV techniques in accounting for long-term leases

and in computing the pension obligation for defined benefit plans. The major emphasis in the

chapter is accounting for interest-bearing obligations, such as determining the selling price of

bonds, solving for the payment on an installment loan, and determining both future and

present value amounts.

126. Briefly describe the differences between an ordinary annuity, an annuity due, and a deferred

annuity.

Answer: An annuity is a series of equal cash flows occurring over equal periods of time. In an

ordinary annuity, cash flows occur at the end of each period; in an annuity due, cash flows

occur at the beginning of each period; and in a deferred annuity, cash flows begin more than

one period beyond the date of the agreement.

127. Briefly describe the difference between simple interest and compound interest.

Answer: Simple interest is computed only on the initial principal amount. Compound interest

includes not only interest on the initial principal, but also interest on the accumulated interest

to date.

Chapter 6 Time Value of Money Concepts

The following footnote disclosure is taken from the 2006 Annual Report to Shareholders of Eastern

Oil Company. [Note that capital leases are ones like an installment purchase that require the lessor to

record both a leased asset and a lease liability. By contrast, operating leases are treated purely as a

rental.]

Future minimum commitments for capital leases (including sale-leasebacks accounted for as

financings) and for operating leases having remaining noncancelable lease terms in excess of one year

are as follows:

Capital Operating

(In millions) Leases Leases

2007 $ 12 $ 116

2008 12 90

2009 12 77

2010 12 120

2011 12 34

Later years 78 97

Sublease rentals - (112)

---- ------

Total minimum lease payments $138 $ 422

Less imputed interest costs 47

----

Present value of net minimum

lease payments included in

long-term debt $ 91

Required:

128. Describe how present value methods affect Eastern's long-term lease debt?

Answer: Eastern has long-term obligations on its capital leases. Those lease payments do not

explicitly identify principal and interest, but the substance of these transactions is the same as

other long-term debt. Therefore, the future payments disclosed must be discounted by an

imputed interest rate (the going market rate for such transactions). In this case, the interest

component is $47 million out of the $138 million to be paid. The rest ($91 million) is the

present value of the debt, the amount that should be considered in the long-term liability

section of Eastern's balance sheet.

Chapter 6 Time Value of Money Concepts

129. How would the amount of Eastern's long-term lease debt be different if no interest was

imputed?

Answer: All of the lease payments would be considered principal; thus, the debt would be

reported as $138 million, rather than $91 million. This would also eliminate interest expense

from these payments, thereby increasing earnings. This is not reflective of the underlying

economic substance of the capital leases and is not permitted by GAAP.

130. What would happen if Eastern imputed an interest rate larger than the one used in this

disclosure?

Answer: It would impute an amount of interest greater than the $47 million. Therefore, the

remaining debt component of the payments (the obligation reported on the balance sheet)

would be proportionally less than the $91 million reported.

- Solutions Manual for Managerial Accounting 16th Edition by Garrison IBSN 1259307417Transféré parAppleyard
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