c. Assume that Null had raised the same cash proceeds with a conventional bond issued at par. paying interest annual y and the principal at maturity Complete the following table, under the assumptions in part b: 2000 2001 2002 2003 2004 barungs before interest and taxes $50,000 $50 000 $50 000 $50,000 $50,000 Cash flow from operations before interest and taxes 60.000 60.000 60,000 60.000 60,000 Cash flow from operations Times interest earned Times interest earned (cash basis)

d. Using the results of parts b and

c. discuss the impact on re- ported cash flow from operations and interest coverage of Null's choice of bond.

e. Explain how consideration of income taxes would change your answers to parts b through d.