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P$12-51$ Quixotic Enterprises

Quixotic Enterprises is about to embark on another venture. Poncho Sanchos, the faithful financial analyst, once again will examine the viability of this venture after $31$ failures.

A number of windmills are to be constructed on the southern frontier to generate electricity. They will cost $$354,000$ and will last $9$ years, at which time they will have an estimated salvage value of $$21,000.$ However, a capital upgrade of $$109,000$ will be required at the end of five years. An inventory of spare parts $($working capital$)$ amounting to $$11,000$ will be required during the term of the venture and will be housed in a warehouse that is currently not being used, but which has been used for Quixotic's previous ventures. The $.$ warehouse could be rented out at $$5,000$ per year.

This enterprise is expected to generate cash from the sale of electricity of $$149,000$ a year for $9$ years. Cash expenses for each of the $9$ years will be $$9,000.$

The company's tax rate is $24$ percent, the CCA rate is $7$ percent and the cost of capital is $21$ percent.

Requirements:

A$.$ Calculate the Net Present Value of the Windmill venture by completing the table below: $($You need a number for every cell in this spreadsheet$)$

$\backslash$table$[[$Event$,$Expected Cash Flow,After$-$tax Cash Flow,Present Value,$],[$Enter cosh receipts as positive numbers, cash payments as negative numbers. Round all your answers to zero decimal places,,,,$],[$Inital Investment,,,,$],[$Working Capital,,,,$],[$Revenues$,,,,],[$Expenses$,,,,],[$Opportunity Cost,,,,$]]$