25742: Financial Management - John McKenzie - Case Study - Management Assignment Help

Assignment Task:

Task:

Three years ago, John McKenzie inherited a 125-ha farm in the Mildura region of North West Victoria. It had been a citrus farm until then, but the orchards have been left unattended for the past three years while he has been trying to decide what to do with it. One possibility is that he could sell it. In fact, he recently received an offer of $460,875 for the land, while the equipment on the farm is fully depreciated with an estimated resale value of $225,000. However, motivated by a desire for a change of lifestyle and his long-standing interest winemaking, John has recently been thinking about trying his hand at viticulture. Mildura happens to be one of the largest grape-growing regions in Australia, supplying about 80% of Victoria’s grapes, and his farm is well-suited to winegrowing.

A plan is taking shape in John’s mind for a new career as a commercial grape grower for the Victorian wine industry. He would begin by registering the farm as a limited liability company, called McKenzie Estate, with himself and his wife as shareholders. The farm’s initial setup costs would include the acquisition of a heavy-duty farm tractor for $80,000, a $70,000 wheel- loader with rippers and an under-vine mower for $6,000. Additional miscellaneous machinery would be purchased, costing about $15,000, while $75,000 of the existing equipment on the farm would be used (the remainder, worth $150,000, would be sold).

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