Turbine Technologies Ltd. Balance Sheet as at December 31, 2018 (in thousands) Cash $ 310 Accounts payable $ 1,500 Accounts receivables 2,990 Other short term liabilities 250 Inventory 3,400 Total current liabilities 1,750 Total current assets 6,600 Long-term bonds 6,200 Net fixed assets 19,750 Total liabilities 7,950 Preferred stock 3,000 Common stock 4,000 Retained earnings 11,500 Total common equity 18,500 Total assets $ 26,450 Total liabilities and equity $ 26,450 Turbine Technologies Ltd. (TTL) currently have bonds outstanding which trade at 104, have a coupon rate of 6% paid semi-annually and mature in 10 years. Any new bonds issued would be, (at the request of a large institutional investor) sold initially at 98, which is a small discount to their par value. Assume issuance costs are negligible. The preferred stock has a fixed divided rate of 6.25% and a par value of $25 per share. Their current market value is $26 per share. New preferred stock would be issued at their par value. Flotation costs are estimated at 3%