1. The Dunning Co. needs to raise $66.7 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $67 per share and the company’s underwriters charge a spread of 8.5 percent. The SEC filing fee and associated administrative expenses of the offering are $467,000. (Enter your answer as directed, but do not round intermediate calculations.) Required: What are the required proceeds from the sale necessary for the company to pay the underwriter's spread and administrative costs? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Required proceeds_______________________________ How many shares need to be sold? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Number of shares offered_________________________ 2. The Elkmont Corporation needs to raise $52.2 million to finance its expansion into new markets. The company will sell new shares of equity via general cash offering to raise the needed funds. The offer price is $38 per share and the company’s underwriters charge a spread of 7 percent. The SEC filing fee and associated administrative expenses of the offering are $1,462,000. (Enter your answer as directed, but do not round intermediate calculations.) Required: What are the required proceeds from the sale necessary for the company to pay the underwriter's spread and administrative costs? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Required proceeds $ _________________________ How many shares need to be sold? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Number of shares offered $_______________________ 3. The Collins Co. has just gone public. Under a firm commitment agreement, Collins received $33.40 for each of the 4.24 million shares sold. The initial offering price was $35.80 per share, and the stock rose to $43.80 per share in the first few minutes of trading. Collins paid $919,000 in legal and other direct costs and $278,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.) Required: What is the net amount raised? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Net amount raised $______________________ What are the total direct costs? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) Direct costs $ __________________________ What are the total indirect costs? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round yo ...

1. 1. The Dunning Co. needs to raise $66.7 million to finance its
expansion into new markets. The company will sell new shares
of equity via a general cash offering to raise the needed funds.
The offer price is $67 per share and the company’s underwriters
charge a spread of 8.5 percent. The SEC filing fee and
associated administrative expenses of the offering are $467,000.
(Enter your answer as directed, but do not round intermediate
calculations.)
Required:
What are the required proceeds from the sale necessary for the
company to pay the underwriter's spread and administrative
costs? (Enter the whole number for your answer, not millions
(e.g., 1,234,567). Round your answer to the nearest whole
number (e.g., 1,234,567).)
Required proceeds_______________________________
How many shares need to be sold? (Enter the whole number for
your answer, not millions (e.g., 1,234,567). Round your answer
to the nearest whole number (e.g., 1,234,567).)
Number of shares offered_________________________
2. The Elkmont Corporation needs to raise $52.2 million to
finance its expansion into new markets. The company will sell
new shares of equity via general cash offering to raise the
needed funds. The offer price is $38 per share and the
company’s underwriters charge a spread of 7 percent. The SEC
filing fee and associated administrative expenses of the offering
are $1,462,000. (Enter your answer as directed, but do not
round intermediate calculations.)
Required:
What are the required proceeds from the sale necessary for the
company to pay the underwriter's spread and administrative

2. costs? (Enter the whole number for your answer, not millions
(e.g., 1,234,567). Round your answer to the nearest whole
number (e.g., 1,234,567).)
Required proceeds
$ _________________________
How many shares need to be sold? (Enter the whole number for
your answer, not millions (e.g., 1,234,567). Round your answer
to the nearest whole number (e.g., 1,234,567).)
Number of shares offered $_______________________
3. The Collins Co. has just gone public. Under a firm
commitment agreement, Collins received $33.40 for each of the
4.24 million shares sold. The initial offering price was $35.80
per share, and the stock rose to $43.80 per share in the first few
minutes of trading. Collins paid $919,000 in legal and other
direct costs and $278,000 in indirect costs. (Enter your answer
as directed, but do not round intermediate calculations.)
Required:
What is the net amount raised? (Enter the whole number for
your answer, not millions (e.g., 1,234,567). Round your answer
to the nearest whole number (e.g., 1,234,567).)
Net amount raised $______________________
What are the total direct costs? (Enter the whole number for
your answer, not millions (e.g., 1,234,567). Round your answer
to the nearest whole number (e.g., 1,234,567).)
Direct costs
$ __________________________
What are the total indirect costs? (Enter the whole number for
your answer, not millions (e.g., 1,234,567). Round your answer
to the nearest whole number (e.g., 1,234,567).)
Indirect costs
$ __________________________
What are the total costs?(Enter the whole number for your

3. answer, not millions (e.g., 1,234,567). Round your answer to
the nearest whole number (e.g., 1,234,567).)
Total costs
$ __________________________
What was the flotation cost as a percentage of funds raised?
(Enter your answer as a percentage rounded to 2 decimal places
(e.g., 32.16).)
Flotation cost percentage $______________________
Giorgio Vasari, The Lives of the Artists, second edition, 1568
From the Preface to the Third Part:
But he who bears the palm from both the living and the dead,
transcending and eclipsing all
others, is the divine Michelagnolo Buonarroti, who holds the
sovereignty not merely of one of
these arts, but of all three together (i.e. painting, sculpture,
architecture).
This master surpasses and excels not only all those moderns
who have almost vanquished nature,
but even those most famous ancients who without a doubt did so
gloriously surpass her; and in

4. his own self he triumphs over moderns, ancients, and nature,
who could scarcely conceive
anything so strange and so difficult that he should not be able,
by the force of his most divine
intellect and by means of his industry, draughtsmanship, art,
judgment, and grace, to excel it by a
great measure; and that not only in painting and in the use of
colour, under which title are
comprised all forms, and all bodies upright or not upright,
palpable or impalpable, visible or
invisible, but also in the highest perfection of bodies in the
round, with the point of his chisel.
And from a plant so beautiful and so fruitful, through his
labours, there have already spread
branches so many and so noble, that, besides having filled the
world in such unwonted profusion
with the most luscious fruits, they have also given the final
form to these three most noble arts.
And so great and so marvellous is his perfection, that it may be
safely and surely said that his
statues are in all their parts much more beautiful than the
ancient; for if we compare the heads,

5. hands, arms, and feet shaped by the one with those of the
others, we see in his a greater depth
and solidity, a grace more completely graceful, and a much
more absolute perfection,
accomplished with a manner so facile in the overcoming of
difficulties, that it is not possible
ever to see anything better.
And the same may be believed of his pictures, which, if we
chanced to have some by the most
famous Greeks and Romans, so that we might compare them
face to face, would prove to be as
much higher in value and more noble as his sculptures are
clearly superior to all those of the
ancients.
From the Life of Titian:
The year 1546 having come, he went at the invitation of
Cardinal Farnese to Rome, where he
found Vasari, who, having returned from Naples, was executing
the Hall of the Cancelleria for
the above-named Cardinal; whereupon, Tiziano having been
recommended by that lord to

6. Vasari, Giorgio kept him company lovingly in taking him about
to see the sights of Rome. And
then, after Tiziano had rested for some days, rooms were given
to him in the Belvedere, to the
end that he might set his hand to painting once more the portrait
of Pope Paul, of full length, with
one of Farnese and one of Duke Ottavio, which he executed
excellently well and much to the
satisfaction of those lords. At their persuasion he painted, for
presenting to the Pope, a picture of
Christ from the waist upwards in the form of an "Ecce Homo,"
which work, whether it was that
the works of Michelagnolo, Raffaello, Polidoro, and others had
made him lose some force, or for
some other reason, did not appear to the painters, although it
was a good picture, to be of the
same excellence as many others by his hand, and particularly
his portraits. Michelagnolo and
Vasari, going one day to visit Tiziano in the Belvedere, saw in a
picture that he had executed at
that time a nude woman representing Danae, who had in her lap
Jove transformed into a rain of

7. gold; and they praised it much, as one does in the painter's
presence. After they had left him,
discoursing of Tiziano's method, Buonarroti commended it not a
little, saying that his coloring
and his manner much pleased him, but that it was a pity that in
Venice men did not learn to draw
well from the beginning, and that those painters did not pursue
a better method in their studies.
"For," he said, "if this man had been in any way assisted by art
and design, as he is by nature,
and above all in counterfeiting the life, no one could do more or
work better, for he has a fine
spirit and a very beautiful and lively manner." And in fact this
is true, for the reason that he who
has not drawn much nor studied the choicest ancient and modern
works, cannot work well from
memory by himself or improve the things that he copies from
life, giving them the grace and
perfection wherein art goes beyond the scope of nature, which
generally produces some parts
that are not beautiful.