1) Find the mistakes made in the table: Table 22-3 Calculating Machinery Costs for a new Combine Step 1: Basic data New Combine, 24 foot header, 240-hp desel List price purchase cost Salvage value (22% of new list price) avg. value ownership life Estimated annual use interest rate price of fuel per gallon Step 2: Ownership Costs Depreciation Interest Payment Taxes, insurance, and housing $175,000 $160,000 $38,500 $99,250 10 years 300 hr 8% 3.00 $12,150 $7,940 $1,489 $21,579 $71.93 Total annual Ownership Costs Ownership costs per hour Step 3: Operating costs Repairs Diesel fuel Lubrication and Filters Labor $6,983 $7,128 $1,069 $3,600 $18,780 $62.60 Total operating Costs Operating-Costs per hr Step 4: Calculate Total Costs per hr Ownership costs per hr Operating costs per hr Total costs per hr Step 5: Costs per acre preformance rate: 8 acres per hr $71.93 $62.60 $134.53 $16.82 1