Every year, there is some form of construction work going on at UF's campus. In January 2018, bids were opened for a new building on campus for UFPD. The bid/construction value of the building was set at $5 Million. Another building of similar structure and purpose is planned with a bid opening in January 2023. What is the expected bid for the new building? It is given that in January 2000, the Florida Construction Cost Index had a value of 5550, while in January 2018, that value was 8000. You can use these price indices to calculate an average inflation in construction costs.
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- You will enter the Topic, Subtopic, Section, Paragraph in a fill in the blank question and your overall conclusion to this case. Example: ASC 100-10-45-4 (you do not need to enter what the guidance content) Research Case #1: Chicago Corporation is building a new facility at a cost of $8 million dollars. Construction began in early January 2021 and will be completed by December 31, 2021. Chicago Corporation borrowed $6 million on January 5, 2021 for the construction of the facility and is using the funding from bonds issued in earlier years to assist in the remaining of the funding for the project. The CFO for Chicago Corporation recalls that interest may be capitalized for the project but is unsure of how to determine the correct amount of interest that the company may capitalize. Chicago Corporation has satisfied the criteria for the capitalization period during all of 2021. The total interest that the company incurred during 2021 that the company would have not incurred if the new…On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.2 million plus an additional $700,000 for postclosure work. Of these totals, the city must pay $50,000 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 3 percent of capacity. At the end of 2018, the landfill reached 9 percent of capacity. Also at the end of 2018, a reassessment is made; total closure costs are determined to be $1.4 million rather than $1.2 million.a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements?b. Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements?c. Assuming that the landfill is…On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.2 million plus an additional $700,000 for postclosure work. Of these totals, the city must pay $50,000 on December 31 of each year for preliminary closure work. At the end of 2017, the landfill reached 3 percent of capacity. At the end of 2018, the landfill reached 9 percent of capacity. Also at the end of 2018, a reassessment is made; total closure costs are determined to be $1.4 million rather than $1.2 million. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? Assuming that the landfill is reported within the general fund, what journal entries are made in 2017 and 2018 on the government-wide financial statements? Assuming that the landfill is viewed…
- On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.65 million plus an additional $900,000 for postclosure work. Of these totals, the city must pay $63,900 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 4 percent of capacity. At the end of 2021, the landfill reaches 18 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $1.85 million rather than $1.65 million. a. Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? b. Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial…On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.88 million plus an additional $750,000 for postclosure work. Of these totals, the city must pay $63,500 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 3 percent of capacity. At the end of 2021, the landfill reaches 11 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.08 million rather than $1.88 million. Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial…Riverbed's Accounting Museum is exploring the purchase of a new building with a useful life of 15 years to use as its main gallery space. The building will cost $1,098,000. Once it has been purchased, the museum will terminate its current lease, which costs $65,700 per year. The new gallery will allow the museum to display more of its permanent collection, as well as to showcase traveling exhibits. The increased exhibit space, along with the new building's location, is expected to increase admissions revenue by $25,800 per year. Calculate the payback period for the proposed investment in the building. Assume that all cash flows occur evenly throughout the year. Payback period years
- Temporary Housing Services Incorporated (THSI) is considering a project that involves setting up a temporary housing facility in an area recently damaged by a hurricane. THSI will lease space in this facility to various agencies and groups providing relief services to the area. THSI estimates that this project will initially cost $4.87 million to setup and will generate $20 million in revenues during its first and only year in operation (paid in one year). Operating expenses are expected to total $12 million during this year and depreciation expense will be another $3 million. THSI will require no working capital for this investment. THSI's marginal tax rate is 35%. Assume that THSI's cost of capital is 14.6% p.a. Compute the NPV of the temporary housing facility to the nearest dollarHalls Construction is analyzing its capital expenditure proposals for the purchase of equipment in the coming year. The capital budget is limited to $5,000,000 for the year. Lisa Bickerson, staff analyst at Halls, is preparing an analysis of the three projects unde consideration by Conan Halls, the company's owner. (Click the icon to view the data for the three projects.) (Click the icon to view the Future Value of $1 factors.) (Click the icon to view the Future Value of Annuity of $1 factors.) (Click the icon to view the Present Value of $1 factors.) (Click the icon to view the Present Value of Annuity of $1 factors.) Read the requirements. Requirement 1. Because the company's cash is limited, Halls thinks the payback method should be used to choose between the capital budgeting projects. Calculate the payback period for each of the three projects. Ignore income taxes. (Round your answers to two decimal places.) i Data Table Project A years Project B years Project C years Project A…On April 30, 2020, Blue Spruce Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for use as of June 30, 2020. Overall, the cost of the ship was $97 million, with an estimated useful life of 12 years and residual value of $30 million. Blue Spruce expects that the new ship, as a whole, will provide its greatest economic benefits in its early years of operation. After further research and discussion with management, it is determined that the ship consists of major parts with differing useful lives, residual values, and patterns of providing economic benefits: Pattern of benefits Total output (nautical miles) 7 million Part Cost Useful life Residual value Engines (6) $955,000 per engine 8 years $120,000 per engine Varies with activity Hull $3,750,000 10 years $510.000 Highest in early years 7.70 million Body $87.52 million 15 years $16.06 million Evenly over life of body 12.20 million The ship's first voyage took place on August 1,…
- On April 30, 2020, Ayayai Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for use as of June 30, 2020. Overall, the cost of the ship was $93 million, with an estimated useful life of 12 years and residual value of $30 million. Ayayai expects that the new ship, as a whole, will provide its greatest economic benefits in its early years of operation. After further research and discussion with management, it is determined that the ship consists of major parts with differing useful lives, residual values, and patterns of providing economic benefits: Part Cost Useful life Residual value Pattern ofbenefits Total output(nautical miles) Engines (6) $925,000 per engine 8 years $100,000 per engine Varies with activity 6 million Hull $3,350,000 10 years $500,000 Highest in early years 7.50 million Body $84.10 million 15 years $14.98 million Evenly over life of body 12.00 million…Temporary Housing Services Incorporated (THSI) is considering a project that involves setting up a temporary housing facility in an area recently damaged by a hurricane. THSI will lease space in this facility to various agencies and groups providing relief services to the area. THSI estimates that this project will initially cost $5 million to set up and will generate $20 million in revenues during its first and only year in operation (paid in one year). Operating expenses are expected to total $12 million during this year and the capital cost allowance will be another $3 million. THSI will require no working capital for this investment. THSI's marginal tax rate is 35%. Assume that THSI's cost of capital for this project is 15%. The net present value (NPV) of this temporary housing project is closest to: $435,000 -$650,000 $1,960,000 -$435,000 $1,250,000Tuas Limited (“Tuas”) is considering to replace its existing air-conditioning system with an energy efficient centralised cooling system that is compliant with BCA Green Mark 2021 (“new cooling system”).Civil engineering costs to assess the feasibility of the new cooling system of $50,000 was incurred last month. Installing the new cooling system will cost $320,000, and maintenance expense of $25,000 per year is required. An initial investment in spare parts inventory of $12,000 is needed, which will be fully recovered at the end of its useful life of five years.Savings in utilities is estimated to be $150,000 per year for the next five years. Tuas adopts a policy of depreciating such equipment to zero net book value equally over five years. A salvage value of $20,000 is anticipated. Corporate tax rate is 17% and the discount rate is 10%. Solve the cash flow from assets for Years 0 to 5 (inclusive) relating to the new cooling system, and appraise whether Tuas should proceed with it.…