13. International Foods Corporation (IFC) procesa actualmente pescados y mariscos en una unidad adquirida hace varios aos. El actual valor en libros de sta, cuyo costo original fue de $500,000, es de $250,00. IFC considera la posibilidad de reemplazar por una nueva y ms eficaz. La nueva unidad costar $700,00 y requerir de $50,000 adicionales por concepto de entrega e instalacin. Tambin implicara un incremento de $40,000 en la inversin inicial en capital de trabajo neto para la empresa. Se le depreciara linealmente durante cinco aos hasta un saldo de cero. IFC espera vender la unidad existente en $275,000. La tasa fiscal marginal aplicable a la compaa es del $40. Si IFC compra la nueva unidad, se calcula que sus ingresos anuales aumentarn en $100,000 (ganancias a una mayor capacidad de procesamiento) y sus costos anuales de operacin (excluidos de la depreciacin) se reducirn en $20,000. Se prev que los ingresos y los costos de operacin anuales se mantendrn constantes en este nuevo nivel durante los cinco aos de vida del proyecto. La compaa estima que su inversin en capital de trabajo neto se incrementar en $10,000 anuales durante el mismo lapso. Transcurridos cinco aos, la nueva unidad se habr depreciado por completo y se espera venderla entonces a $70,000. (Suponga que la unidad existente se ha depreciado a una tasa de $50,000 anuales) a) Calcule la inversin neta del proyecto. b) Calcule los flujos de efectivo netos anuales del proyecto. 13. International Foods Corporation (IFC) currently processes fish and shellfish in a unit purchased several years ago. The current book value of this, whose original cost was $ 500,000 is $ 250.00. IFC is considering replacing with a new and more effective. The new unit will cost $ 700.00 and will require an additional $50,000 per delivery and installation concept. It will also imply an increase of $ 40,000 in initial investment in net working capital for the company. It will depreciate linearly for five years up to a balance of zero. IFC expects to sell the existing unit in $ 275,000. The marginal tax rate applicable to the company is $ 40. If IFC purchases the new unit, it is calculated that its annual revenue will increase by $ 100,000 (gains to increased processing capacity) and your annual costs of operation (excluded from depreciation) will be reduced by $ 20,000. Income is expected and annual operating costs will remain constant at this new level during the five years of project life. The company estimates that its investment in working capital net will increase by $ 10,000 annually during the same period. After five years, the new unit will have been fully depreciated and is expected to sell at $ 70,000 then. (Suppose the existing unit has depreciated at a rate of $ 50,000 annually) a) Calculate the net investment of the project. b) Calculate the project's annual net cash flows. 13. International Foods Corporation (IFC) procesa actualmente pescados y mariscos en una unidad adquirida hace varios aos. El actual valor en libros de sta, cuyo costo original fue de $500,000, es de $250,00. IFC considera la posibilidad de reemplazar por una nueva y ms eficaz. La nueva unidad costar $700,00 y requerir de $50,000 adicionales por concepto de entrega e instalacin. Tambin implicara un incremento de $40,000 en la inversin inicial en capital de trabajo neto para la empresa. Se le depreciara linealmente durante cinco aos hasta un saldo de cero. IFC espera vender la unidad existente en $275,000. La tasa fiscal marginal aplicable a la compaa es del $40. Si IFC compra la nueva unidad, se calcula que sus ingresos anuales aumentarn en $100,000 (ganancias a una mayor capacidad de procesamiento) y sus costos anuales de operacin (excluidos de la depreciacin) se reducirn en $20,000. Se prev que los ingresos y los costos de operacin anuales se mantendrn constantes en este nuevo nivel durante los cinco aos de vida del proyecto. La compaa estima que su inversin en capital de trabajo neto se incrementar en $10,000 anuales durante el mismo lapso. Transcurridos cinco aos, la nueva unidad se habr depreciado por completo y se espera venderla entonces a $70,000. (Suponga que la unidad existente se ha depreciado a una tasa de $50,000 anuales) a) Calcule la inversin neta del proyecto. b) Calcule los flujos de efectivo netos anuales del proyecto. 13. International Foods Corporation (IFC) currently processes fish and shellfish in a unit purchased several years ago. The current book value of this, whose original cost was $ 500,000 is $ 250.00. IFC is considering replacing with a new and more effective. The new unit will cost $ 700.00 and will require an additional $50,000 per delivery and installation concept. It will also imply an increase of $ 40,000 in initial investment in net working capital for the company. It will depreciate linearly for five years up to a balance of zero. IFC expects to sell the existing unit in $ 275,000. The marginal tax rate applicable to the company is $ 40. If IFC purchases the new unit, it is calculated that its annual revenue will increase by $ 100,000 (gains to increased processing capacity) and your annual costs of operation (excluded from depreciation) will be reduced by $ 20,000. Income is expected and annual operating costs will remain constant at this new level during the five years of project life. The company estimates that its investment in working capital net will increase by $ 10,000 annually during the same period. After five years, the new unit will have been fully depreciated and is expected to sell at $ 70,000 then. (Suppose the existing unit has depreciated at a rate of $ 50,000 annually) a) Calculate the net investment of the project. b) Calculate the project's annual net cash flows