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The following information relates to Interstate Trucking for its first year of operations (data in millions of dollars):
Pretax accounting income: $150Pretax accounting income included:Overweight fines (not deductible for tax purposes) 5Depreciation expense 70Depreciation on the tax return using MACRS: 110The applicable tax rate is 40%. There are no other temporary ornontemporary differences.Interstate's taxable income ($ in millionsInterstate experienced ($ inmillions) a:
1) Tax liability of$46.
2) Tax liability of$16.
3) Tax liability of$50.6.
4) Tax benefit of $10due to the NOL.
Calculate the accounting rate of return on this investment for the first year. Assume straight-line depreciation. Based on this analysis, would the investment be made? Explain your answer.
Should you over pay taxes throughout the year and get a refund, knowing the government does not pay interest on the overpayment? Use time value of money to explain.
Explain the goals of financial management. The description must include how earnings are valued, how shareholder wealth can be maximized, and how management decisions affect stockholder wealth.
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