Flotation costs and the cost of debt. Currently, Warren Industries can sell 10-year, $1,000-par-value bonds paying annual interest at a 12% coupon rate; Because current market rates for similar bonds are just under 12%. Warren can sell its bonds for 51,100 each; Warren will incur flotation costs of $20 per bond. The firm is in the 22% tax bracket. a. Find the net proceeds from the sale of the bond, N9. b. Calcuiate the belore-tax and after-tax costs of debt. a. The net proceeds trem the sale of the bond, Nd, is 5 . (Riound to the nearest dolia.)