Financial Calculator Methods And Bonds Homework Help
- July 27, 2017
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- Category: Accounting QA
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1.What is the engineer’s concern about the overhead rate going “up and up”?
2.The Sunbelt Corporation has $34 million of bonds outstanding that were issued at a coupon rate of 11.175 percent seven years ago. Interest rates have fallen to 10.50 percent. Mr. Heath, the Vice-President of Finance, does not expect rates to fall any further. The bonds have 18 years left to maturity, and Mr. Heath would like to refund the bonds with a new issue of equal amount also having 18 years to maturity. The Sunbelt Corporation has a tax rate of 36 percent. The underwriting cost on the old issue was 2.1 percent of the total bond value. The underwriting cost on the new issue will be 1.2 percent of the total bond value. The original bond indenture contained a five-year protection against a call, with a call premium of 7 percent starting in the sixth year and scheduled to decline by one-half percent each year thereafter (consider the bond to be seven years old for purposes of computing the premium). Calculate your final answer using the formula and financial calculator methods. Assume the discount rate is equal to the after tax cost of new debt rounded up to the nearest whole percent (e.g. 4.06 percent should be rounded up to 5 percent).
a. Compute the discount rate. (Do not round intermediate calculations. Input your answer as a percent rounded up to the nearest whole percent.)
b. Calculate the present value of total outflows. (Do not round intermediate calculations and round your answer to 2 decimal places.) c. Calculate the present value of total inflows. (Do not round intermediate calculations and round your answer to 2 decimal places.) d. Calculate the net present value. (Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places.)
3.Listed below are common terms associated with bonds:
a. Bond certificate
b. Bond issue
c. Bond indenture
d. Unsecured bonds
e. Debenture bonds
f. Secured bonds
g. Term bonds
h. Serial bonds
i. Registered bonds
Required
For each of the following statements, identify the category above with which it is associated. (If two statements apply, choose the category with which it is most closely associated.)
a) Occurs when bonds are sold at more than face value
b) Rate of interest that will vary depending on economic conditions
c) Bonds that may be exchanged for common stock
d) Bonds that are not registered
e) A bond issue in which all bonds are due on the same date
f) Occurs when bonds are sold at less than face value
g) Rate of interest that will be paid regardless of market conditions
h) Bonds that may be retired at management s option
i) A document that is evidence of a company s debt
j) Same as market rate of interest
k) Bonds for which the company knows who owns them
l) A bond issue for which bonds are due at different dates
m) The total value of bonds issued at one time
n) Bonds whose payment involves a pledge of certain assets
o) Same as debenture bonds
p) Contains the terms of the bond issue
q) Bonds issued on the general credit of the company
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4.What effect will a decrease in interest rates below the face interest rate and before a bond is issued have on the cash received from the bond issue? What effect will the decrease have on interest expense? What effect will the decrease have on the amount of cash paid for interest?
5.DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
I. With regard to the bond issue on February 1, 2010
a. How much cash is received?
b. How much is Bonds Payable?
c. What is the difference between a and b called and how much is it?
II. With regard to the bond interest payment on July 31, 2010
a. How much cash is paid in interest?
b. How much is the amortization?
c. How much is interest expense?
III. With regard to the bond interest payment on January 31, 2011
a. How much cash is paid in interest?
b. How much is the amortization?
c. How much is interest expense?
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