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Answer (B) is correct . The net initial investment for a capital project consists of three components:? the purchase of new equipment, the increase in working capital, and the after- tax proceeds from the disposal of old equipment. For this company, the first of these is $54,000 ($50,000 + $4,000), and the second is $1,000. The calculation of the after-tax proceeds from the disposal of the old equipment is as follows: Salvage value of old equipment $??5,000 Less:? current tax value (2,000) ? Tax-basis gain(loss) on disposal $??3,000 Times:? tax rate ¡Á????40% Tax detriment(benefit) from disposal $??1,200 Salvage value of old equipment $??5,000 Less:? tax detriment from gain on disposal (1,200) After-tax cash inflow from disposal $??3,800 The net cash flow for period 0 is therefore:Answer (A) is incorrect because Improperly netting the salvage value of the old equipment against the full cost of the new equipment results in $(49,000).
Answer (C) is incorrect because The amount of $(51,800) results from using the complement of the tax rate instead of the tax rate.
Answer (D) is incorrect because The amount of $(53,000) results from improperly netting the increase in working capital against the full cost of the new equipment.