AICPA每日一练之BEC【2016-3-2】

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A company purchased property that it expects to sell for $14,000 next year. The net present value of the investment is $1,000. The company is guaranteed an interest rate of 12% by the bank. What amount did the company pay for the property?

a. $11,500

b. $12,500

c. $13,000

d. $13,500

Answer:A

Choice “a” is correct. The requirement is to determine the amount that the company paid for the property.

Answer (a) is correct because the amount paid is $11,500. The present value of the sales price of $14,000 discounted at 12% for one year is equal to $12,500 ($14,000/1.12). If the net present value of the investment is equal to $1,000, the purchase price must be equal to $11,500 ($12,500 – $1,000).

Answer (b) is incorrect because this is the present value of the selling price.

Answers (c) and (d) are incorrect because the correct amount is $11,500.

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