Details:

Complete the following problem sets from the "Problems" section in Chapters 18, 22, and 24. Use excel and put each problem in it's own tab.

1. Chapter 18: 18-1 and 18-2
2. Chapter 22: 22-1 and 22-2
3. Chapter 24: 24-1

{18-1} Security Brokers Inc. specializes in underwriting new issues by small rms. On a recent Prot or less on New oeng of Beedles Inc, the teams were as follows: Stock Issue Price to public $5 per share Number of shares 3 million Proceeds to Beedles $14,000,000 .....-_ Allrj- u ammmmm - . -: --.- Chap ter [8 Public and Private Financing: Initial Offerings. Seasoned O'erings. and anesrmern Banks :r'? The out-of-pocket expenses incurred by Security Brokers in the design and distribution of the issue were $3DD,DDD.Wh:-1t prot or loss would Security Brokers incur if the issue were sold to the public at the following average price!| a $5pershare b.$6pershare c. $4pershare {12-2} Underwriting and Flotation Expenses The Beranek Company, whose stock price is now $25, needs to raise $20 million in common stock Underwriters have informed the rm's management that they must price the new issue to the public at $22 per share because of signaling effects. The undeneriters' compensation will be 5% of the issue price, so Beranek will net $20.90 per share. The rm will also incur expenses in the amount of $150,000. How many shares must the rm sell to net $2.0 million after undeneriting and otation expenses? {22-1} Vandell's free cash ow (FCFj is $2 million per year and is expected to grow at a constant Valuation rate of 5% a year; its beta is 1.4. What is the value of Vandell's operations? IfVandell has $10.32 million in debt, what is the current value of Vandell's stock?I (Hint: Use the corporate valuation model from Chapter F.) Intermediate Problems 2-3 {22-2} Hastings estimates that if it acquires Vandell, interest payments will be $1.5 million per Merger Valuation year for 3 years, after which the current target capital structure of 30% debt will he maintained. Interest in the fourth year will be $1.41! million, after which interest and the tax shield will grow at 5%. Synergies will cause the free cash ows to be $2.5 million, $2.9 million, $3.4 million, and $3.57!r million in Years 1 through 4, respectively, after which the free cash ows will grow at a 5% rate. What is the unlevered value of Vandell, and what is the value of its tax shields? What is the per share value of Vandell to Hastings Corporation? Assume that Vandell now has $10.32 million in debt. (2+1) Liquidation Southwestern Wear Inc. has the following balance sheet: Current assets $1,875,000 Accounts payable $ 375,000 Fixed assets 1,875,000 Notes payable 750,000 Subordinated debentures 750,000 Total debt $1,875,000 Common equity 1,375,000 Total assets $3,750,000 Total liabilities and equity $3,750,000 The trustee's costs total $231,250, and the rm has no accrued taxes or wages. The debentures are subordinated only to the notes payable. lfthe rm goes bankrupt and liquidates, how much will each class of investors receive if a total of $2.5 million is received from sale of the assets