Let's go back to the Double-R Nutting Company. Suppose that Double-R's bonds have a face value of $69. Its current market-value balance sheet is: Book-Value Balance Sheet Liabilities and Equity Bonds outstanding Common stock Assets Net working capital Fixed assets 115 $ 120 105 100 Total assets $ 220 Total liabilities and shareholders' equity 220 Who would gain or lose from the following maneuvers? a. Double-R pays a $105 cash dividend. b. Double-R halts operations, sells its fixed assets for $25, and converts net working capital into $115 cash. It invests its $140 in Treasury bills. c. Double-R encounters an investment opportunity requiring a $105 initial investment with NPV = $0. It borrows $105 to finance the project by issuing more bonds with the same security, seniority, and so on, as the existing bonds. d. Double-R finances the investment opportunity in part (c) by issuing more common stock. Stockholders Bondholders b. C. d.