KJM

Corporation’s balance sheet as of January 1, 2006 is as follows:

Long-term debt (bonds, at par) $10,000,000

Preferred stock 2,000,000

Common stock ($10 par) 10,000,000

Retained earnings 4,000,000

Total debt and equity $26,000,000

The bonds have a 4% semiannual coupon rate and a par value of $1,000. Th…

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