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Point 1: The company also owns 10 Million dollar (par value) in 10 year bonds for Cascular Incan electronic firm. The bonds pay an annual interest of 5% at the end of the year. The bonds have 62 months to maturity, however in 2 months the bonds convertible options will expire. The bonds currently have a yield of 5.2%. Shares of Cascular Incan are trading at $55/Share. Leslie has performed analysis which shows that converting the bonds into common shares will result in a favorable gain of $400,000 for Butlers vs. keeping the bonds at their current value.
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Question 1: If Leslie is expecting a favorable gain of $400,000 how many shares will the $10 Million dollar bonds convert into? (Determine the PV and see if Leslie did the gain properly from conversion vs. present value)
What are the tax consequences of choosing the lower down payment and larger note option, assuming he has no other installment receivables?
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