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Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for pretax accounting income, depreciation, and taxable income in 2011, 2012, 2013, and 2014 are as follows: ($ in millions)
Required: Determine (a) the temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. (Enter your answers in millions. Negative amounts should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 1 decimal place. Omit the "$" sign in your response.)
The present value of the cash inflows would be $42,180 for Project O, $53,900 for Project P, and $91,910 for Project Q. Rank the projects according to the profitability index, from most profitable to least profitable.
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Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $408,000 for April and $485,000 for May. Cost of goods sold is expected to be 64% of sales.
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