Shanken Corp. issued a 30-year, 10 percent semiannual bond 6 years ago. The bond currently sells for 113 percent of its face value. The company's tax...

Shanken Corp. issued a 30-year, 10 percent semiannual bond 6 years ago. The bond currently sells for 113 percent of its face value. The company’s tax rate is 33 percent. The book value of the debt issue is $24 million. In addition, the company has a second debt issue on the market, a zero coupon bond with six years left to maturity; the book value of this issue is $82 million and the bonds sell for 76 percent of par.