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Question 1) At mid-year, National Steel Fabricators, Inc. purchased a 35% ownership interest in Keystone Consolidated, Inc. for $40 million. At year-end, Keystone reported an operating loss of $6 million, of which only $2 million related to the second half of the year. Despite the operating loss, Keystone paid its regular quarterly dividend of $1 million in both the third and fourth quarter
Required
1. Calculate the income statement effect for National Steel at year-end associated with its investment in Keystone.
2. Calculate the book value that National Steel should record on its balance sheet for its investment in Keystone at year-end.
Question 2) What is the price of a bond with a coupon rate of 4.50%, a yield to maturity of 4.25%, a future value of $1000, semi-annual coupon payments, and 9 years until maturity?
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