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Book name: Accounting principles 9th edition problem :- BYP15-4 chapter 15 Long-Term LiabilitiesOn January 1, 2008, Carlin Corporation issued $2,400,000 of 5 year, 8% bonds at 95; the bonds pay interest semiannually on July 1 and January 1. By January 1, 2010, the market rate of interest for bonds of risk similar to those of Carlin Corporation had risen. As a result the market value of those bonds was $ 2,000,000 on January 1, 2010-below their carrying value. Andrea Carlin, president of the company, suggests repurchasing all of these bonds in the open market at the $2,000,000 price. To do so the company will have to issue $2,000,000 (face value) of new 10-year, 11% bonds at par. The president asks you, as controller, “What is the feasibility of my proposed repurchase plan?”Instructions:(a)