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1. SoonerCo has $15 million of common stock outstanding, earnings before interest and taxes (EBIT) of $2.5 million per year, and $15 million of debt outstanding with a required return (interest rate) of 8%. The required rate of return on assets in this industry is 12%, and the corporate tax rate is 35%. Within the M&M framework of corporate taxes but no personal taxes, determine the present value of the interest tax shield of SoonerCo as well as the firm's total value. Finally, determine the gain from leverage if there are personal tax rate of 15% on stock income and 25% on debt income.
Melanie would like you, the staff accountant, to charge the advertising expense for the Hobby department to Toy's. With only these facts, would you change the accounting for the two departments?
Anita Johnson was preparing the adjusting entries for her business in preparation for the adjusted trial balance and financial statements.
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