(9) An appraisal company accepted the appraisal entrustment of a fruit forest. After investigation, it was learned that the current average annual operating income level is 150,000 yuan; the remaining fruit production period is expected to be 10 years, and the operating income in the first five years is Decrease by 10,000 yuan, starting from the sixth year, it will decrease by 10 yuan based on the previous year. The value of the forest trees at the end of the operation period is 20,000 yuan. It is known that the average investment return rate of this business project is 12. Try to determine the reference price for the transfer of this fruit forest.
Solution: Actually, the present value is calculated at an annual rate of r=12%
The present value in the first five years: 14/(1 r) 15/(1 r)^2… … 18/(1 r)^5=569,000 yuan
The present value in the next five years: 18(1-d)/(1 r)^6 18(1-d)^2/( 1 r)^7... 18(1-d)^5/(1 r)^10=278,000 yuan
Residual value present value: 2/(1 r)^10=0.63 million yuan
Add 130,000 yuan to the above, the asset appraisal value is 983,000 yuan
(10) The existing Yipingou hazelnut new product production technology has been used for 2 years, and the processed hazelnuts The product performance is superior to similar products. The price of this hazelnut product is 350 yuan/piece, while the price of similar products is only 310 yuan/piece. The current annual production and sales volume of this product is 10,000 pieces. Analysis predicts that the life of this production technology can be maintained for another 5 years. In order to maintain the current market share, the price of this product will be gradually reduced. It will be 350 yuan/piece in the first year, 330 yuan/piece in the second and third years, and 320 yuan/piece in the fourth and fifth years. Assuming that other factors remain unchanged, the discount rate is 10 and the income tax rate is 33. Try to evaluate the price of the new Ping'ou hazelnut product production technology.
Explanation: (1) This technology is an income-growing intangible asset, so the excess income of the intangible assets in each year can be determined as:
The excess income in the first year is: ( 350-310)×100000×(1-33)=268000(yuan)
The excess income in the second and third years is: (330-310)×10000×(1-33)=134000(yuan) )
The excess income in the 4th and 5th years is: (320-310)×10000×(1-33)=67000 (yuan)
(2) There is no change in other factors, The sum of the present values ??of excess profits in each year can be used as the evaluation value of the technology:
=268000×0.9091× 134000×0.8264 134000×0.7513 67000×0.6830 67000×0.6209
=243638.8 110737.9 100674.2 45761 41600.3
=542411.9 (yuan)
(11) The assessed asset is part of the forest land of a forestry farm of a certain forestry bureau (including the factory property), and the property is a building For a 1,000-square-meter bungalow, the appraiser learned through investigation that the land use rights for the property were obtained on May 31, 2009, and the transfer period was 40 years. The development and construction was completed and put into operation at the end of May 2011. At the beginning of the property being put into use, the owner of the property and forest property rights leased it to others for a period of 5 years (the lease ended on May 31, 2016). The contract stipulates that during the five-year lease period, the user's rent will be based on the rent of 110 yuan per square meter per year in the first year of the contract, with an annual increase of 10 yuan. The expenses incurred in the use of the real estate shall be borne by the lessee. The contract also stipulates that if The property owner who terminates the lease contract early needs to pay a penalty of 50,000 yuan.
The appraiser also learned that the normal rent for similar buildings on the market on the assessment base date (May 31, 2013) (which is consistent with the rental caliber of the appraisal object) remained at the level of 150 yuan per square meter per year. According to the appraiser’s prediction, The market rent level in the first three years after the base date will increase by 1 every year on the basis of the market rent level on the base date. The market rent level three years after the base date will basically remain at the rent level in the third year after the base date. Assume The real estate discount rate and capitalization rate are both l0.
Requirement: Evaluate the best transfer value of the real estate use right (write down the evaluation process and give the reasons or basis for reaching the evaluation conclusion).
Solution: (1) The total number of years of income = 40 (the legal maximum number of years) - 2-2 = 36 years
(2) Should the existing contract be breached
The current lease contract has a term of 3 years. First, determine whether the contract should be executed in these years.
If the benefits of not executing the contract exceed the benefits of executing the contract in each year, they are
2009: 150*(1 1)-(110 20)*1000=21500 yuan
2010: (150*(1 1)2-(110 30)*1000=13015 yuan
2011: (150*(1 1)3-(110 40)*1000=4545.15 yuan
The sum of the present value of these additional gains from breach of contract is
21500* (1 10)-1 13015* (1 10)-2 4545.15* (1 10)-3 = 33716.49 yuan
The income from breach of contract is less than the liquidated damages of 50,000, so it cannot be breached.
(3) What is the income from the existing contract?
p>The first three years after the base date are calculated according to the contract rent, because the income generated by the breach of contract is not enough to pay the liquidated damages, and the contract provisions need to be continued.
The present value of income = (110 10 10) * 1000. /(1 10) 140*1000/(1 10)^2
150*1000/(1 10)^3=346 581.52 (yuan)
(4) End of contract The subsequent income is objective income, and the present value of the income is
Objective income period=40-2-5=33 years
Future annual rental income three years after the base date=150* (1 1)^3*1000=154 545.15 (yuan)
Present value of income=154 545.15*[1-1/(1 10)^33]/10/ (1 10)^3= 1 111 126.49 (yuan)
(5) Best transfer value=346 581.52 1 111 126.49=1 457 708.01 (yuan)
(12) A certain equipment being evaluated was purchased and built in In June 1995, the original book value was 1 million yuan. In June 1998, the equipment underwent technical transformation to use a certain patented technology. The transformation cost was 100,000 yuan. In June 1999, the equipment was evaluated. The evaluation basis The date is June 30, 1999. The following data are now available: ① The fixed base price index of this type of equipment from 1995 to 1999 is 105, 110, 110, 115, and 120 respectively; ② The monthly labor cost of the evaluated equipment is less than that of similar equipment. 1,000 yuan; ③ The normal investment return rate of the enterprise where the evaluated equipment is located is 10, and the scale efficiency index is 0.7, and the enterprise is a normal tax paying enterprise; ④ After understanding, it is learned that the actual value of the equipment due to technical transformation and other reasons during the evaluation period The utilization rate is 60% of the normal utilization rate. After appraisal and analysis by the evaluator, it is believed that the equipment being evaluated can still be used for 6 years. It is expected that the utilization rate will reach 80% of the design standard after the evaluation baseline date. Estimate the relevant technical and economic parameters and evaluation value of the equipment based on the above conditions.
Answer and analysis: First, use the price index method to calculate the replacement cost of the estimated equipment = 100×120/105 10×120/115=100×1.14 10×1.04=114 10.4=124.4 (10,000 yuan)
Weighted investment life of the equipment being evaluated = (114×4 10.4×1)÷124.4＝(456 10.4)÷124.4＝466.4÷124.4＝3.74 (years)
Using the age method To calculate the physical depreciation rate of the assessed equipment, the weighted investment life of the assessed equipment calculated in the previous step is only nominal and must be converted into actual useful life based on the asset utilization rate.
(3.74×60)÷(3.74×60 6) =2.24÷8.24=0.27 or 27
The uniqueness of this question is that "the monthly labor cost of the estimated equipment is lower than that of similar products" Save 1,000 yuan", so what happened to the equipment being evaluated was not functional depreciation, but functional appreciation (to calculate the estimated value, you need to add it, not subtract it). Functional appreciation = 0.1 × 12 × (1-33) × (P/A, 10, 6) = 0.8 × 4.36 = 3.49 (10,000 yuan)
Using the scale economy benefit index method to calculate economic depreciation Rate=1-0.80.7=1-0.86=0.14
Evaluation value=[124.4×(1-27)+3.49]×(1-0.14)=(90.81+3.49)×0.86 ＝810,900 yuan