NO.PZ201512300100001402
问题如下：
2. Using an asset-based approach, the value (net of debt) of Oakstar is closest to:
选项：
A.$62,250,000.
B.$87,250,000.
C.$199,750,000.
解释：
B is correct.
In the absence of market value data for assets and liabilities, the analyst usually must use book value data (the reading explicitly makes the assumption that book values accurately reflect market values as well). Except for timberland, market values for assets are not available. Thus, all other assets are assumed to be valued by their book values, which sum to $500,000 + $25,000 + $50,000 + $750,000 = $1,325,000. The value of the land is determined by the value of $8,750 per hectare for properties comparable to Oakstar’s. Thus, the value of Oakstar’s land is $8,750 × 10,000 = $87,500,000. Liabilities are assumed to be worth the sum of their book value or $1,575,000. Thus, Estimated value = Total assets
In addition to the balance sheet, Powell is gathering other data to assist in valuing Oakstar and has found information on recent sales of timberland in the western part of Canada. Douglas fir properties have averaged $6,178 per hectare for tracts that are not contiguous and do not have a developed road system for harvesting the timber. For tracts with these features, as possessed by Oakstar, the average price is $8,750 per hectare. Properties near urban areas and having potential for residential and recreational second home development command up to $20,000 per hectare.
为什么选择8750，而不是6178和20000呢
