財(cái)務(wù)會(huì)計(jì)概念與應(yīng)用英文版lectu(3)-在線瀏覽
2025-02-23 21:28本頁(yè)面
【正文】 y 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 future discounted at 6% (Table I). . . . X 55,840 3. Issuance price of bond . . . . . . . . . . . . . . . . . 92,640 18 Bonds Issued at a Premium ? Sayer Co. issues $100,000, 5year bonds with a stated rate of interest of 10%. The effective rate is 8%. 1. Semiannual interest payment . . . . . . . . . . . . 5,000 Present value of an annuity of 10 payments of $1 at 4% (Table II) . . . . . . . . X 40,554 2. Maturity value of bond . . . . . . . . . . . . . . . . . . 100,000 Present value of $1 received 10 periods in the future discounted at 4% (Table I). . . . X 67,560 3. Issuance price of bond . . . . . . . . . . . . . . . . . 108,114 19 Accounting for Bonds ? Bonds issued at face value: Issuance of bond: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Bonds Payable . . . .
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