TAILIEUCHUNG - Slide Financial Management - Chapter 20

CHAPTER 20 Hybrid Financing: 20-1 Leasing Often referred to as “off balance sheet” financing if a lease is not “capitalized.” Leasing is a substitute for debt financing and, thus, uses up a firm’s debt capacity. Capital leases are different from operating leases | CHAPTER 20 Hybrid Financing Preferred Stock Leasing Warrants and Convertibles Preferred stock Leasing Warrants Convertibles 20-1 Leasing Often referred to as off balance sheet financing if a lease is not capitalized. Leasing is a substitute for debt financing and thus uses up a firm s debt capacity. Capital leases are different from operating leases Capital leases do not provide for maintenance service. Capital leases are not cancelable. Capital leases are fully amortized. 20-2 Analysis Lease vs. Borrow-and-buy Data New computer costs 1 200 000. 3-year MACRS class life 4-year economic life. Tax rate 40 . kd 10 . Maintenance of 25 000 year payable at beginning of each year. Residual value in Year 4 of 125 000. 4-year lease includes maintenance. Lease payment is 340 000 year payable at beginning of each year. .

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