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QS 10-6 Straight-Line: Bond computations LO P2

Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 ½. The straight-line method is used to allocate interest expense.

1. Using the implied selling price of 87 ½, what are the issuer’s cash proceeds from issuance of these bonds?

2. What total amount of bond interest expense will be recognized over the life of these bonds?

3. What is the amount of bond interest expense recorded on the first interest payment date?

 

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Background: Marvin was the president and chief executive officer (CEO) of his company. The decision of whether or not to bid on a job above a certain dollar value rested entirely upon his shoulders. In the past, his company would bid on all jobs that were a good fit with his company’s strategic objectives and the company’s win-to-loss ratio was excellent. But to bid on this job would be difficult. The client was requesting certain information in the request for proposal (RFP) that Marvin did not want to release. If Marvin did not comply with the requirements of the RFP, his company’s bid would be considered as nonresponsive.

Bidding Process: Marvin’s company was highly successful at winning contracts through competitive bidding. The company was project-driven and all of the revenue that came into the company came through winning contracts. Almost all of the clients provided the company with long-term contracts as well as follow-on contracts. Almost all of the contracts were firm-fixed-price contracts. Business was certainly good, at least up until now. Marvin established a policy whereby 5 percent of sales would be used for responding to RFPs. This was referred to as a bid-and-proposal (B&P) budget. The cost for bidding on contracts was quite high and clients knew that requiring the company to spend a great deal of money bidding on a job might force a no-bid on the job. That could eventually hurt the industry by reducing the number of bidders in the marketplace. Marvin’s company used parametric and analogy estimating on all contracts. This allowed Marvin’s people to estimate the work at level 1 or level 2 of the work breakdown structure (WBS). From a financial perspective, this was the most cost-effective way to bid on a project knowing full well that there were risks with the accuracy of the estimates at these levels of the WBS. But over the years continuous improvements to the company’s estimating process reduced much of the uncertainty in the estimates.

New RFP: One of Marvin’s most important clients announced it would be going out for bids for a potential ten-year contract. This contract was larger than any other contract that Marvin’s company had ever received and could provide an excellent cash flow stream for ten years or even longer. Winning the contract was essential. Because most of the previous contracts were firm-fixed-price, only summary-level pricing at the top two levels of the WBS was provided in the proposal. That was usually sufficient for the company’s clients to evaluate the cost portion of the bid. The RFP was finally released. For this project, the contract type would be cost-reimbursable. A WBS created by the client was included in the RFP, and the WBS was broken down into five levels. Each bidder had to provide pricing information for each work package in the WBS. By doing this, the client could compare the cost of each work package from each bidder. The client would then be comparing apples and apples from each bidder rather than apples and oranges. To make matters worse, each bidder had to agree to use the WBS created by the client during project execution and to report costs according to the WBS. Marvin saw the risks right away. If Marvin decided to bid on the job, the company would be releasing its detailed cost structure to the client. All costs would then be clearly exposed to the client. If Marvin were to bid on this project, releasing the detailed cost information could have a serious impact on future bids even if the contracts in the future were firm-fixed-price. Marvin convened a team composed of his senior officers. During the discussions which followed, the team identified the pros and cons of bidding on the job:

Pros: ● A lucrative ten-year (or longer) contract 

● The ability to have the client treat Marvin’s company as a strategic partner rather than just a supplier 

● Possibly lower profit margins on this and other future contracts but greater overall profits and earnings per share because of the larger business base 

● Establishment of a workable standard for winning more large contracts 

 Cons: ● Release of the company’s cost structure 

● Risk that competitors will see the cost structure and hire away some of the company’s talented people by offering them more pay 

● Inability to compete on price and having entire cost structure exposed could be a limiting factor on future bids 

● If the company does not bid on this job, the company could be removed from the client’s bidder list 

● Clients must force Marvin’s company to accept lower profit margins 

Marvin then asked the team, “Should we bid on the job?”

 

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The commercial shows a king and a queen at a jousting event, merrily drinking Bud Lights and cheering on the Bud Knight. Moments later, however, the knight gets knocked off his horse by Gregor Clegane, the huge and notoriously violent fighter from Game of Thrones, who goes by the nickname the Mountain.

The Mountain is one of Game of Thrones’ most terrifying characters — after the Whites, of course. He is a loyal servant of House Lannister and has an ongoing feud with his brother, Sandor Clegane, who goes by the nickname the Hound. The last time Game of Thrones audiences saw the Mountain, he was living a half-dead, zombie-like existence and was serving as Queen Cersei Lannister’s private bodyguard. He got to his Frankenstein-esque state in season four, episode eight’s “The Mountain and the Viper,” when he was severely injured during a battle with Prince Oberyn of House Martell — a battle (spoiler alert) he won by gouging out Oberyn’s eyes.

The Bud Light commercial pokes fun at the eye-crushing of Prince Oberyn. In the commercial, after the Mountain knocks Dilly Dilly off the horse, he tromps right up to him and gouges out his eyes — although, unlike HBO, Bud Light spares the audience the gore, filling in the scene with gross sound effects and a screaming audience. A shadow then casts over the jousting stadium, and one of Daenerys Targaryen’s dragons shows up, lighting the entire place on fire.

The Super Bowl ad is part of the $20 million marketing campaign for the show’s final season, which debuts April 14, according to the Wall Street Journal. The Journal is calling the commercial “the biggest and boldest marketing tie-ins the AT&T Inc.-owned cable network has ever orchestrated.” Apparently, the commercial had input from a director of the HBO show, and a few other ideas for the spot were scrapped because the show was worried it would give away too much of the season finale’s plot line.

While this is the first time the Mountain has appeared in a Bud Light commercial, the company has been running its GoT-like “Dilly Dilly” campaign since 2017. The campaign is supposed to be a parody of the Game of Thrones world, and has scenes of medieval characters sitting around banquets or stone jail cells enjoying bottles of Bud Light and shouting “Dilly Dilly” (a riff on “cheers”).

 

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1) Describe an example of a time when you pointed out another person’s mistake. How can you tell whether another person is merely making a mistake or purposely trying to deceive you? What happened in this case? (75 words)

2) What are the two extremes that one must avoid in evaluating fallacies? Explain them. (75 words)

3) Your supervisor comes into your office and asks you for a check for $150.00 for expenses he incurred entertaining a client last night. He submits receipts from a restaurant and lounge. At lunch, your supervisor’s girlfriend stops by to pick him up for lunch, and you overhear her telling the receptionist all about the great time she had at dinner and dancing with your supervisor the night before. How would you handle this situation?(200 words)

  1. 4) Describe the three types of thinkers, and present an example of each type from your own life. (200 words)

 

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