Questions:
1. The ethical issue is that Jennifer Grayson is trying to manipulate the financial statements to show better numbers and ratios by delaying the issuance of the bonds.
2. No, McElroy should not agree to the delay. Even when the bonds are issued after the balance statement closing date, it should be adjusted into the statement because the issuance is material and happened before the financial statement issue date. Also, even when Grayson wants to delay the issuance, the statements will already show low Current ratio because they're low in cash.