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On January 1, 2013, Shay issues $380,000 of 9%, 15-year bonds at a price of 97.25. Six years later, on January 1, 2019, Shay retires 30% of these bonds by buying them on the open market at 105.25. All interest is accounted for and paid through December 31, 2018, the day before the purchase. The straight-line method is used to amortize any bond discount. 1. How much does the company receive when it issues the bonds on January 1 2013? 2. What was the amount of the discount on the bonds at January 1, 2013? 3. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2013, through December 31, 2018? 4. What is the carrying book value of the bonds and the carrying value of the 30% soon-to-be-retired bonds as of the close of business on December 31, 2018? 5. How much did the company pay on January 1, 2019, to purchase the bonds that it retired? 6. What is the amount of the recorded gain or loss from retiring the bonds? 7. Prepare the journal entry to record the bond retirement at January 1, 2019.
Calculate Laurel’s portfolio beta for last year and for this year. Assume that the changes in investment (value) come from changing stock prices rather than buying and selling shares. What has happened to the riskiness of Laurel’s portfolio? Should s..
Quick Computing currently sells 10 million computer chips each year at a price of $20 per chip. It is about to introduce a new chip, and it forecasts annual sales of 12 million of these improved chips at a price of $25 each. What is the proper cash f..
A cash flow adequacy ratio of one indicates:
A bank has two, 3-year commercial loans with a present value of $70 million. The first is a $30 million loan that requires a single payment of $37.8 million in 3 years, with no other payments until then. What is the duration of the bank’s commercial ..
Nick's Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $3 at the end of each year. The preferred sells for $45 a share. What is the stock's required rate of return (assume the market is in equilibrium with the required..
Carol has won a prize in the "Wait To Spend" lottery. Specifically Carol has won the amount of $1500 but she must wait for 10 years to receive the money. Carol is in real need of cash and would rather receive a different prize: $525 today and then re..
Create a delta neutral portfolio of call options and stock. Short 10,000 call options - How many shares would you buy or sell anda - What is the price of the option if it is a European call?
Describe the organization & it's history. What makes Zappos successful? What is unique about the way the company is led? What type of management style does the CEO Tony Hsieh use?
Who are the major policy makers for the Federal Reserve System and how do they rise to such an influential position? How do these policymakers influence national economic objectives? Refer to Figure 5.1 on page 100 of the textbook. What part of this ..
Your child will go to college 10 years from now and will require $12,000 at the beginning of each year for 4 years. At the end of their fourth year of college you plan on buying them a new car as a graduation present. The car will cost $23,000. how m..
Carla Lopez deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?
St. Thomas Aquinas discusses the role of “greed for gain, which knows no limit and tends to infinity.” Michael Norton discusses the role of money in society and how it can make people happier. As a society, how can we minimize the “greed for gain” wh..
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