登录之后可查看解析

Answer (C) is correct . The payback period is the time required to recover the original investment. The annual net after-tax cash inflows for Year 1 through Year 3 are $138,000, $150,000, and $150,000, respectively, as determined by the following:? In Year?1, the after-tax cash inflow is $170,000 minus taxes of $32,000 {[$170,000 – ($300,000 × 30%) depreciation] × 40%}, or $138,000. In Year 2, the after-tax cash inflow is $170,000 minus taxes of $20,000 {[$170,000 – ($300,000 × 40%) depreciation] × 40%}, or $150,000. In Year 3, the after-tax cash inflow is again $138,000. After 2?years, $288,000 ($138,000 + $150,000) will have been recovered. Consequently, the first $12,000 received in Year 3 will recover the initial investment. Because $12,000 represents 8.7% of Year 3 net after-tax cash inflows ($12,000 ÷ $138,000), the payback period is 2.09 years (rounded).

Answer (A) is incorrect because The amount of 2.08 years includes salvage value in the Year 3 cash flow.
Answer (B) is incorrect because The amount of 2.79 years improperly discounts the cash flows.
Answer (D) is incorrect because The amount of 3.00?years is the time required to depreciate the asset fully, not the payback period.