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National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $450,000 on January 1, 2016. The bonds mature on December 31, 2019 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2016. 2. Prepare the journal entry to record their issuance by National on January 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5. Prepare the appropriate journal entries at maturity on December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
You own 1,100 shares of stock in Avondale Corporation. You will receive a $1.50 per share dividend in one year. In two years, Avondale will pay a liquidating dividend of $45 per share. The required return on Avondale stock is 20 percent. If you would..
A Treasury bill with 113 days to maturity is quoted at 98.630. What is the bank discount yield, the bond equivalent yield, and the effective annual return?
As seen on an income statement:
Explain how pricing in the equity market can influence a firm's (capital expenditures, such as plant and equipment, or expansion)) investment decisions. Explain how financial markets might influence FACEBOOK's dividend policy.
A thrift has an annual CGAP of -$25 million. A credit union has an annual CGAP of +$5 million. The thrift has total assets of $500 million and net income of $7.5 million and the credit union has total assets of $40 million and net income of $0.7 mill..
May Industries has a bond outstanding that sells for $839. The bond has a coupon rate of 5.10 percent and 25 years until maturity. What is the yield to maturity of the bond? A bond with a maturity of 18 years sells for $1,058. If the coupon rate is 7..
You believe that the Non-stick Gum Factory will pay a dividend of $3 on its common stock next year. how much should you be prepared to pay for the stock?
Joe's estate consists of $500,000. His will makes the following bequests: $10,000 to his sister, Sally, $20,000 to his nephew Alex, and the rest of his estate to his mother, Carolyn. During the first year of the administration of his estate, his esta..
Your firm has an average collection period of 23 days. Current practice is to factor all receivables immediately at a discount of 1.3 percent. What is the effective cost of borrowing in this case?
If a security lies above the security market line (SML), then it must be overpriced .
which of the following factors would be most likely to lead to an increase in the firm's dividend per share?
A 4.25 percent coupon municipal bond has 13 years left to maturity and has a price quote of 105.10. The bond can be called in eight years. The call premium is one year of coupon payments. (Assume interest payments are semiannual and a par value of $5..
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