Hickock, Inc., is proposing a rights offering. Presently there are 600,000 shares outstanding at $47 each. There will be 120,000 new shares offered at $38 each.

a. What is the new market value of the company? (Do not round intermediate calculations.)
New market value $
b.
How many rights are associated with one of the new shares? (Do not round intermediate calculations.)

Number of rights needed
c. What is the ex-rights price? (Do not round intermediate calculations. Round your answer to 2 decimal places, e. g., 32.16.)
Ex-rights price $
d. What is the value of a right? (Do not round intermediate calculations. Round your answer to 2 decimal places, e. g., 32.16.)

On january 1, 2018, wetick optometrists leased diagnostic equipment from southern corp. which had purchased the equipment at a cost of $2,256,342. the lease agreement specifies six annual payments of $490,000 beginning january 1, 2018, the beginning of the lease, and at each december 31 thereafter through 2022. the six-year lease term ending december 31, 2023 (a year after the final payment), is equal to the estimated useful life of the equipment. the contract specifies that lease payments for each year will increase on the basis of the increase in the consumer price index for the year just ended. thus, the first payment will be $490,000, and the second and subsequent payments might be different. the cpi at the beginning of the lease is 120. southern routinely acquires diagnostic equipment for lease to other firms. the interest rate in these financing arrangements is 12%. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) prepare the appropriate journal entries for wetick and southern to record the lease at its beginning.