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Oakland College is considering outsourcing its grounds maintenance. In this regard, Oakland has received a bid from Highline Grounds Maintenance for $395,000 per year. Highline states that their bid will cover all services and planting materials required to "keep Oakland's grounds in a condition comparable to prior years." Oakland's cost for grounds maintenance in the preceding year were $412,000 as follows:

Salary of three full-time gardeners $295,000
Plant materials 85,000
Fertilizer 9,000
Fuel 8,000
Depreciation of tractor, mowers, and other
miscellaneous equipment 15,000
Total $412,000

If Oakland College outsources maintenance, it will be able to sell equipment for $30,000, and the three gardeners will be laid off. What will savings be in the second year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M949028

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