When Microsoft went public, the company sold 2 million new shares (the primary issue). In addition, existing shareholders sold 0.8 million shares (the secondary issue) and kept 21.1 million shares. The new shares were offered to the public at $21, and the underwriters received a spread of $1.31 a share. At the end of the first day’s trading, the market price was $35 a share. a. How much money did the company receive before paying its portion of the direct costs? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) b. How much did the existing shareholders receive from the sale of their shares before paying their portion of the direct costs? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.) c. If the issue had been sold to the underwriters for $30 a share, how many shares would the company have needed to sell to raise the same amount of cash? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.) d. How much better off would the existing shareholders have been if the issue had been sold to the underwriters for $30 a share? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.)

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Balance sheet baggett company's balance sheet accounts and amounts as of december 31, 2016, are shown in random order as follows: account debit (credit) account debit (credit) income taxes payable $(3,800) additional paid-in capital on preferred prepaid items 1,800 stock $(7,900) additional paid-in capital on common stock (9,300) allowance for doubtful accounts (1,600) land 12,200 bonds payable (due 2020) (23,000) notes payable (due 2019) (6,000) buildings 57,400 notes receivable (due 2018) 16,400 sinking fund to retire bonds payable 5,000 accounts receivable 12,600 advances from customers (long-term) (2,600) premium on bonds payable (1,400) cash 4,300 accounts payable (13,100) accumulated depreciation: equipment (9,700) inventory 7,400 retained earnings (18,300) accumulated depreciation: buildings (21,000) preferred stock, $100 par (18,600) patents (net) 4,600 wages payable (1,400) equipment 28,700 common stock, $10 par (12,700) required: 1. prepare a december 31, 2016 balance sheet for the baggett. baggett company balance sheet december 31, 2016 assets current assets: $ $ $ long-term investments: $ property, plant, and equipment: $ $ $ intangible assets: liabilities current liabilities: $ $ long-term liabilities: $ $ other liabilities: shareholders' equity contributed capital: $ $ $ $ 2. compute the debt-to-assets ratio. round to one decimal place. do not enter a percent sign (%) as part of your answer. %

Carmen’s beauty salon has estimated monthly financing requirements for the next six months as follows: january $ 9,000 april $ 9,000 february 3,000 may 10,000 march 4,000 june 5,000 short-term financing will be utilized for the next six months. projected annual interest rates are: january 9 % april 16 % february 10 may 12 march 13 june 12 what long-term interest rate would represent a break-even point between using short-term financing and long-term financing?