財務會計概念與應用英文版lectu(3)(編輯修改稿)
2025-02-02 21:28 本頁面
【文章內容簡介】 ve no underlying assets pledged as collateral. ? Secured bonds – Bonds that have assets pledged as protection for lenders. ? Registered bonds – The issuing pany keeps a record of the names of bondholders. Those registered bondholders are paid interest. ? Coupon bonds – The issuing pany has no record of the bondholders. Current bondholders redeem coupons for interest payments. 13 More Bond Terms ? Term bonds – Bonds that mature in one single sum on a future specified date. ? Serial bonds – Bonds that mature in a series of installments. ? Callable bonds – Bonds that can be redeemed any time at a specified price. ? Convertible bonds – Bonds that can be converted to other securities (. preferred stock or mon stock) at the option of the bond holder. ? Zero coupon bonds – Bonds issued with no promise of payment. ? Junk bonds – Highrisk bonds issued by a pany with a lot of outstanding debt or in a weak financial position. 14 Characteristics of Bonds ? Face value or maturity value – The principal amount that will be repaid at maturity. – Usually issued in $1,000 increments. ? Stated rate of interest – The amount of interest the pany promises to pay. ? Market rate of interest – What the market is paying for bonds of a similar nature. 15 Bond Issuance ? The bond’s face value and future interest payments (face value X stated rate of interest) are discounted by the market rate of interest to arrive at the issuance price. ? If the stated rate of interest is LESS than the market rate of interest, the bond is issued at a DISCOUNT. ? If the stated rate of interest is MORE than the market rate of interest, the bond is issued at a PREMIUM. 16 Bonds Issued at Face Value ? Sayer Co. issues $100,000, 5year bonds with a stated rate of interest of 10%. The effective rate (market rate of interest) is also 10%. 1. Semiannual interest payment . . . . . . . . . . . . 5,000 Present value of an annuity of 10 payments of $1 at 5% (Table II) . . . . . . . . X 38,609 2. Maturity value of bond . . . . . . . . . . . . . . . . . . 100,000 Present value of $1 received 10 periods in the future discounted at 5% (Table I). . . . X 61,391 3. Issuance price of bond . . . . . . . . . . . . . . . . . 100,000 17 Bonds Issued at a Discount ? Sayer Co. issues $100,000, 5year bonds with a stated rate of interest of 10%. The effective rate is 12%. 1. Semiannual interest payment . . . . . . . . . . . . 5,000 Present value of an annuity of 10 payments of $1 at 6% (Table II) . . . . . . . . X 36,800 2. Maturity value of bond . . . . . . . . . . . . . . . . . . 100,000 Present value of $1 received 10 periods in the
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