中级会计学知识论述(英文版)(ppt 50页)

BondsandLong-TermNotes,9,Bonds,AtBondIssuanceDate,CompanyIssuingBonds,InvestorBuyingBonds,RecordingBondsatIssuance,OnJanuary1,2011,MasterwearIndustriesissued$700,000of12%bonds.Interestof$42,000ispayablesemiannuallyonJune30andDecember31.Thebondsmatureinthreeyears.TheentirebondissuewassoldinaprivateplacementtoUnitedIntergroup,Inc.atfaceamount.,AtIssuance(January1),Masterwear(Issuer)Cash700,000Bondspayable700,000,United(Investor)Investmentinbonds(faceamount)700,000Cash700,000,DeterminingtheSellingPrice,DeterminingtheSellingPrice,OnJanuary1,2011,MasterwearIndustriesissued$700,000of12%bonds,datedJanuary1.InterestispayablesemiannuallyonJune30andDecember31.Thebondsmatureinthreeyears.Themarketyieldforbondsofsimilarriskandmaturityis14%.TheentirebondissuewaspurchasedbyUnitedIntergroup.,Becauseinterestispaidsemiannually,thepresentvaluecalculationsuse:(a)thesemiannualstatedrate(6%),(b)thesemiannualmarketrate(7%),and(c)6(3x2)semi-annualperiods.,Presentvalueofanordinaryannuityof$1:n=6,i=7%,presentvalueof$1:n=6,i=7%,BondsIssuedataDiscount,Masterwear(Issuer)Cash666,633Discountonbondspayable33,367Bondspayable700,000,United(Investor)Investmentinbonds700,000Discountonbondinvestment33,367Cash666,633,DeterminingInterestEffectiveInterestMethod,Interesteachperiodisrecordedastheeffectivemarketrateofinterestmultipliedbytheoutstandingbalanceofthedebt(duringtheinterestperiod).,Interestisrecordedasexpensetotheissuerandrevenuetotheinvestor.Forthefirstsix-monthinterestperiodtheamountiscalculatedasfollows:$666,633(14%2)=$46,664OutstandingBalanceEffectiveRateEffectiveInterest,RecordingInterestExpense,Theeffectiveinterestiscalculatedeachperiodasthemarketratetimestheamountofthedebtoutstandingduringtheinterestperiod.,AttheFirstInterestDate(June30),Masterwear(Issuer)Interestexpense46,664Discountonbondspayable4,664Cash42,000,United(Investor)Cash42,000Discountonbondinvestment4,664Investmentrevenue46,664,$700,000(12%2)=$42,000,$666,633(14%2)=$46,664,$46,664-$42,000=$4,664,BondAmortizationSchedule,Hereisabondamortizationscheduleshowingthecashinterest,effectiveinterest,discountamortization,andthecarryingvalueofthebonds.,$666,633+$4,664=$671,297,BondIssuedatPremium,OnJanuary1,2011,MasterwearIndustriesissued$700,000of12%bonds,datedJanuary1.InterestispayablesemiannuallyonJune30andDecember31.Thebondsmatureinthreeyears.Themarketyieldforbondsofsimilarriskandmaturityis10%.TheentirebondissuewaspurchasedbyUnitedIntergroup.,Presentvalueofanordinaryannuityof$1:n=6,i=6%,presentvalueof$1:n=6,i=5%,PremiumAmortizationSchedule,Hereisabondamortizationscheduleshowingthecashinterest,effectiveinterest,premiumamortization,andthecarryingvalueofthebonds.,$735,533-$5,223=$730,310,$735,5335%=$36,777,BondsSoldataPremium,Masterwear(Issuer)Cash735,533Premiumonbondspayable35,533Bondspayable700,000,United(Investor)Investmentinbonds700,000Premiumonbondinvestment35,533Cash735,533,Interestexpenseandinterestrevenuewillberecognizedinamannerconsistentwithbondsissuedatadiscount.,PremiumandDiscountAmortizationCompared,1/1/11,12/31/13,$700,000,$735,533,$666,633,PremiumAmortization,DiscountAmortization,WhenFinancialStatementsArePreparedBetweenInterestDates,OnMar1,2011,MasterwearIndustriesissued$700,000of12%bonds.InterestispayablesemiannuallyonAug31andFeb28.Thebondsmatureinthreeyears.Themarketyieldforbondsofsimilarriskandmaturityis14%.TheentirebondissuewaspurchasedbyUnitedIntergroupatacostof$666,633.,$700,000(12%2)=$42,000,$666,633(14%2)=$46,664,Semi-annualStatedInterest,Aug31,2011EffectiveInterest,WhenFinancialStatementsArePreparedBetweenInterestDates,beforethesecondinterestdateofFeb28,sowemustaccrueinterestfor4monthsfromAug31toDec31.,Year-endaccrualofinterestexpenseandinterestincome.,Masterwear(Issuer)Interestexpense31,327Discountonbondspayable3,327Interestpayable28,000,United(Investor)Interestreceivable28,000Discountonbondinvestment3,327Investmentrevenue31,327,$42,0004/6=$28,000,$671,2977%4/6=$31,327,$31,327-$28,000=$3,327,WhenFinancialStatementsArePreparedBetweenInterestDates,OnFeb28,thenextinterestpaymentdate,thefollowingentrieswouldberecorded.,Masterwear(Issuer)Interestexpense23,496Interestpayable21,000Discountonbondspayable2,496Cash42,000,United(Investor)Cash42,000Discountonbondinvestment2,496Interestreceivable21,000Investmentrevenue23,496,Long-TermNotes,Bank,PromissoryNote(NotePayable),Company(Borrower),Property,goods,orservices.,Theliability,long-termnotepayable,isreportedatitspresentvalue,similartotheaccountingforbondspayable.,Long-TermNotes,OnJanuary1,2011,SkillGraphics,Inc.borrowed$700,000cashfromFirstBankandissueda3-year,$700,000promissorynote.Interestof$42,000waspayablesemiannuallyonJune30andDecember31.,January1,AtIssuance,Cash700,000long-termNotepayable700,000,Long-TermNotes,AtEachoftheSixInterestDates,AtMaturity,Interestexpense42,000Cash42,000,long-termNotespayable700,000Cash700,000,InstallmentNotes分期付款,Tocomputecashpaymentusepresentvaluetables.Eachpaymentincludesbothaninterestamountandaprincipalamount.Interestexpenseorrevenue:EffectiveinterestrateOutstandingbalanceofdebtInterestexpenseorrevenuePrincipalreduction:CashamountInterestcomponentPrincipalreductionperperiod,InstallmentNotes,OnJanuary2,2011,MatrixInc.leasedanequipment(fairvalueis2,500,000,usefullifeis5years)for3years.900,000leaseexpensestobepaidonDecember31,eachyear.Themarketrateofinterestis8%.PreparetherequiredjournalentriesforMatrixInc.2,319,390/2,500,000=Called:financinglease融资租赁,Equipment_financinglease2,319,390Discountonpayable380,610long-termpayable(长期应付款)2,700,000,AttheleaseDate(January1),InstallmentNotes,InstallmentNotes,InstallmentNotes,OnDec31,2011,Interestexpense185,551.20Discountonpayable185,551.20long-termpayable900,000Cash900,000,InstallmentNotes,OnDec31,2012,Interestexpense128,395.3Discountonpayable128,395.3long-termpayable900,000Cash900,000,InstallmentNotes,OnDec31,2013,Interestexpense66,663.5Discountonpayable66,663.5long-termpayable900,000Cash900,000,EarlyExtinguishmentofDebt提前清偿债务,Debtretiredatmaturityresultsinnogainsorlosses.,Debtretiredbeforematuritymayresultinangainorlossonextinguishment.CashProceedsBookValue=GainorLoss,BUT,EarlyExtinguishmentofDebt,IllustrationOnJanuary1,2011,MasterwearIndustriescalledits$700,000,12%bondswhentheircarryingamountwas$676,290.Theindenturespecifiedacallpriceof$685,000.Thebondswereissuedpreviouslyatapricetoyield14%.,Masterwear(Issuer)Bondspayable700,000Lossonearlyextinguishment8,710Discountonbondspayable23,710Cash685,000,ConvertibleBonds可转换债券,Somebondsmaybeconvertedintocommonstockattheoptionoftheholder.包括负债成份(该债券的现值)和权益成份(发行价格扣除负债部分).负债成份需按照实际利率确认费用.,BondsintoStock,ConvertibleBonds,OnJanuary1,2011,HTLManufacturersissued$100,000,000of6%convertibledebentures,5years,marketrateis9%.Thebondsareconvertibleattheoptionoftheholderinto$1percommonstockataconversionratioof10sharesper$100bond.,AtIssuance,January1,2011,Cash100,000,000DiscountonConvertiblebondspayable11,671,800Convertiblebondspayable100,000,000contributedsurplus(资本公积)11,671,800,AtIssuance,January1,2011,88,328,200*9%=7,949,538100,000,000*6%=6,000,000Interestexpense7,949,538DiscountonConvertiblebondspayable1,949,538Interestpayable6,000,000,OnDec31,2011,ConvertibleBonds,AssumethebondholderexercisetheiroptiontoconvertthebondsintosharesofstockonJan1,2012,Convertiblebondspayable100,000,000contributedsurplus11,671,800Paid-incapital10,000,000DiscountonConvertiblebondspayable9,722,262contributedsurplus91,949,538,100,000bonds/10010shares$1par=$10,000,000pervalue,Troubleddebtrestructuring债务重组,troubleddebtrestructuring:Whenchangingtheoriginaltermsofadebtagreementismotivatedbyfinancialdifficultiesexperiencedbythedebtor.,Troubleddebtrestructuring,Atroubleddebtrestructuringmaybeachievedineitheroftwoways:1.Thedebtmaybesettledatthetimeoftherestructuring.2.Thedebtmaybecontinued,butwithmodifiedterms.,DebtIsSettled清偿债务,Thepaymenttosettleadebtinatroubleddebtrestructuringmightbecash,oranon-cashasset,orevensharesofthedebtorsstock.,DebtIsSettled,EagleBoatsagreestosettleMatrixInc.$30milliondebtinexchangeforpropertyhavingafairvalueof$20million.ThecarryingamountofthepropertyonMatrixsbooksis$17million:($inmillions)Land($20millionminus$17million).3Gainondispositionofassets.3Accountpayable(carryingamount).30Gainontroubleddebtrestructuring(营业外收入_债务重组利得)10Land(fairvalue).20,DebtIsSettled,EagleBoatsagreestosettleMatrixInc.1,000,000debtinexchangeforequipmenthavingafairvalueof900,000.EagleBoatshasrecorded40,000ofallowanceforuncollectibleaccounts.Theinitialcostoftheequipmentis1,100,000,accumulateddepreciationis400,000.PreparethejournalentryforMatrixIncAccountpayable1,000,000Accumulateddepreciation400,000Fixedassets_equipment1,100,000Non-operationrevenues_saleofequipment200,000Gainontroubleddebtrestructuring(营业外收入_债务重组利得)100,000,PreparethejournalentryforEagleBoatsFixedassets_equipment900,000lossontroubleddebtrestructuring(营业外支出_债务重组损失)60,000allowanceforuncollectibleaccounts40,000Accountreceivable1,000,000,DebtIsSettled,EagleBoatsagreestosettleMatrixInc.1,000,000debtinexchangeforinventorieshavingafairvalueof800,000,thecostis500,000.EagleBoatshasrecorded120,000ofallowanceforuncollectibleaccounts.Theinitialcostoftheequip