Chiquitica Company currently does not use any debt at all (it is an all-equity firm). The firm has three million shares selling for $22 per share. share. Its beta is 1.3, and the current risk-free rate is 3.9%. The expected return on the market for the coming year is 9.8%. Chiquitica Company will sell $22,000,000 in corporate bonds with a $1,000 par value and use the proceeds to retire stock. The bonds have a yield to maturity of 12%. When the bonds are sold, the beta of the company will increase to 1.6. What was the WACC of Chiquitica Company before the bond sale? What is the adjusted WACC of Chiquitica Company after the bond sale if the corporate tax rate is 30%?

Please provide steps and formulas. Also, please notice the proceeds to retire the stock.