Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 7.00

Giant Commonwealth Edison Issue Hits Resale Market

The following article appeared in the Wall Street Journal.
Bond Markets
Giant Commonwealth Edison Issue Hits Resale Market With $70 Million Left Over New York—Commonwealth Edison Co.’s slow-selling new 9?1% bonds were tossed onto the resale market at a reduced price with about $70 million still available from the $200 million offered Thursday, dealers said.
The Chicago utility’s bonds, rated double-A by Moody’s and double-A-minus by
Standard & Poor’s, originally had been priced at 99.803, to yield 9.3% in 5 years. They were marked down yesterday the equivalent of about $5.50 for each $1,000 face amount, to about 99.25, where their yield jumped to 9.45%.
Instructions
(a) How will the development above affect the accounting for Commonwealth Edison’s bond issue?
(b) Provide several possible explanations for the markdown and the slow sale of Commonwealth Edison’s bonds.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 06:07 PM My Price 7.00

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