MINI CASE : BUNYAN LUMBER, LLC

disusun oleh :

Rica Rahayu

NIM :

21919024

JURUSAN MAGISTER AKUNTANSI

FAKULTAS BISNIS DAN EKONOMIKA

UNIVERSITAS ISLAM INDONESIA

2021
INPUT AREA

             
  Total acreage 5,000        
  Years since original planting 20        
  1P pond value $ 660        
  2P pond value $ 630        
  3P pond value $ 620        
  Cash flow/acre from thinning $ 1,000        
  Years from today for harvest Harvest (MBF)        
  to begin per acre 1P 2P 3P  
  20 14.1 16% 36% 48%  
             
  Defect rate 5%        
  Tractor cost (MBF) $ 140        
  Road (MBF) $ 50        
  Sale preparation and          
  and administrative (MBF) $ 18        
             
  Excavator piling/acre $ 150        
  Broadcast burning/acre $ 300        
  Site preparation/acre $ 145        
  Planting costs/acre $ 225        
             
  Nominal required return 10.00%        
  Inflation rate 3.70%        
  Tax rate 35%        
             
   Conservation fund $ 250,000        
  Conservation fund growth 3.20%        
             

OUTPUT AREA :
  Real required return 6.08%      
           
  Cash flow from thinning $ 5,000,000      
           
  Harvest in 20 years    
           
  Revenue $ 42,194,250      
  Tractor cost 9,870,000      
  Road 3,525,000      
  Sale preparation & admin 1,269,000      
  Excavator piling 750,000      
  Broadcast burning 1,500,000      
  Site preparation 725,000      
  Planting costs 1,125,000      
  EBIT $ 23,430,250      
  Taxes 8,200,588      
  Net income (OCF) $ 15,229,663      
  PV of first harvest $ 4,681,788      
           
  Next thinning will occur in 40 years, and will reoccur at this same interval.
  The effective real interest rate for this period is 958.17%    
  The real rate in the conservation fund is 6.59%    
  The effective real interest rate for the      
  conservation fund for this period is 1183.87%    
           
  Aftertax cost of convservation $ (162,500.00)      
  Value of conservation at harvest $ (176,226.22)      
           
  PV of future thinnings $ 521,825.80      
  PV of future harvests $ 488,615.51      
  PV of conservation fund $ (49,182.52)      
  Total NPV $ 5,643,046.36      
           
 Perbandingan

Real required return 6.08% 6.08% 6.08% 6.08%

         
Cash flow from thinning $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00 $ 5,000,000.00
         
Harvest in (years) 20 25 30 35
         
Revenue $ 42,194,250.00 $ 49,232,800.00 $ 52,024,992.50 $ 54,516,747.50
Tractor cost $ 9,870,000.00 $ 11,480,000.00 $ 12,110,000.00 $ 12,670,000.00
Road $ 3,525,000.00 $ 4,100,000.00 $ 4,325,000.00 $ 4,525,000.00
Sale preparation & admin $ 1,269,000.00 $ 1,476,000.00 $ 1,557,000.00 $ 1,629,000.00
$ $ $ $
Excavator piling 750,000.00 750,000.00 750,000.00 750,000.00
Broadcast burning $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ $ $ $
Site preparation 725,000.00 725,000.00 725,000.00 725,000.00
Planting costs $ 1,125,000.00 $ 1,125,000.00 $ 1,125,000.00 $ 1,125,000.00
EBIT $ 23,430,250.00 $ 28,076,800.00 $ 29,932,992.50 $ 31,592,747.50
Taxes $ 8,200,587.50 $ 9,826,880.00 $ 10,476,547.38 $ 11,057,461.63
Net income (OCF) $ 15,229,662.50 $ 18,249,920.00 $ 19,456,445.13 $ 20,535,285.88
         
PV of first harvest $ 4,681,787.56 $ 4,177,464.29 $ 3,316,237.53 $ 2,606,233.04
         
Next thinning will occur in 40 45 50 55
The effective real interest rate for this
period is 958.17% 1321.11% 1808.52% 2463.10%
The real rate in the conservation fund is 6.59% 6.59% 6.59% 6.59%
The effective real interest rate for the        
conservation fund for this period is 1183.87% 1666.38% 2330.24% 3243.60%
         
$ $ $ $
Aftertax cost of convservation (162,500.00) (162,500.00) (162,500.00) (162,500.00)
$ $ $ $
Value of conservation at harvest (176,226.22) (172,251.67) (169,473.53) (167,509.87)
         
$ $ $ $
PV of future thinnings 521,825.80 378,470.46 276,469.34 202,995.97
$ $ $ $
PV of future harvests 488,615.51 316,209.37 183,367.60 105,810.96
$ $ $ $
PV of conservation fund (49,182.52) (34,941.27) (24,986.89) (17,950.88)
         
Total NPV $ 5,643,046.36 $ 4,837,202.85 $ 3,751,087.59 $ 2,897,089.08

- Bunyan Lumber, LLC sebaiknya memanen hutan pada tahun ke-20 dikarenakan berdasarkan perhitungan pendapatan, biaya dan inflasi
memiliki NPV dari pengembalian tersebsar pada tahun ke -20 yaitu sebesar $ 5.643.046,36