The individual firm's demand curve is always horizontal in a competitive market.

Items that appear only on either financial statements or tax returns, but not on both, cause permanent non-reversing differences. The tax credits item only appears on the tax statement and does not reverse itself. Depreciation, on the other hand, is self-reversing under normal circumstances.

Market value of bonds at the time of issuance is given by discounting future cash flows at the market yield of 4.75%. Coupon payments are based on 5% of face value of 75,000,000.
Bond issue value: PMT = 3,750,000; N = 10; I/Y = 4.75; FV = 75,000,000; CPT PV = 76,465,565 Deerfield will show a bond liability of 76,465,565, and CFF equal to the face value, 75,000,000. Year 1 interest =
0 .0475 x 76,465,565 = 3,632,114. Deerfield will show an interest expense of 3,632,114 and a CFO of
-3,750,000, i.e., 5% of face value.

Harvey Bucks function like credit cards. For those consumers who have been issued Harvey
Bucks, they are liabilities. To be money they would have to be financial assets for everyone who holds them.

A). EFT investor buys EFT shares from other investors.
B). They can short shares too.
C). The dividends are paid out to the shareholders.