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Fortuna Company's 2020 financial statements contain the following selected data:
Income Taxes $50,000
Interest Expense 25,000
Net Income 150,000
Problem 1: Fortuna Company's times interest earned for 2020 is:
A) 8.0 times
B) 9.0 times.
C) 6.0 times.
D) None of the above.
Problem 2: A bond is issued with a face amount of $700,000 and a stated interest rate of 11%. The current market rate of interest is 10%. These bonds will sell at a price that is:
A) Equal to $700,000.
B) Higher than $700,000.
C) Lower than $700,000.
D) None of the above
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Income before income tax was $200,000, and income taxes were $80,000 for the current year.
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