Winchell Investment Advisors is evaluating the capital structure. The balance sheet indicates that the firm has $50.08 million in total liabilities. It has only $41.13 million in short- and long-term debt on its balance sheet. However, because interest rates have fallen dramatically since the debt was issued, the short and long-term debt has a current market price that is 10 percent over its book value or $45.24 million. The book value of the common equity is $50.57 million but the market value of the equity is currently $100.98 million.

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