Joni Shamrock Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $23,600 Trademarks 15,300 Discount on bonds payable 36,600 Deposits with advertising agency for ads to promote goodwill of company 11,600 Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,600 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,600 Costs of developing a secret formula for a product that is expected

You are the owner of a local honda dealership. unlike other dealerships in the area, you take pride in your “no haggle” sales policy. last year, your dealership earned record profits of $1.5 million. however, according to the local chamber of commerce, your earnings were 10 percent less than either of your competitors. in your market, the price elasticity of demand for midsized honda automobiles is 4.5. in each of the last five years, your dealership has sold more midsized automobiles than any other honda dealership in the nation. this entitled your dealership to an additional 30 percent off the manufacturer’s suggested retail price (msrp) in each year. taking this into account, your marginal cost of a midsized automobile is $11,000. what price should you charge for a midsized automobile if you expect to maintain your record sales?