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1、Chapter9BondsandLong-TermNotesBondsMedium-andlarge-sizedcompanyoftenchoosetoborrowcashbyissuingbonds.AbondissuedividesalargeliabilityintomanysmallerliabilitiesBondsobligatetheissuingcompanytorepayastatedamountataspecifiedmaturitydateandperiodicinterestbetwee
2、ntheissuedateandmaturity.IssuedateMaturitydatefaceamount+interestFaceamount×statedrateThebondindentureAbondindenturedescribesthespecificpromisesmadetobondholdersThebondindentureisheldbyatrustee(commercialbank、otherfinancialinstitution)Twoparticipants:issuing
3、company(issuer)/bondholder(investor)Debenturebond(無(wú)擔(dān)保債券)Subordinateddebenture(次級(jí)無(wú)擔(dān)保債券)Mortgagebond（抵押債券）Callablebond（可贖回債券）Convertiblebonds(可轉(zhuǎn)換債券)IssuingthebondBondscanbeissuedinthreeways:Issuedatfacevalue(price=faceamount)Statedrate=MarketrateIssuedatadisco
4、unt(pricefaceamount)Statedrate>MarketrateOtherthingsbeingequal,thelowertheperceivedriskinessofthebonds,thehigherthepricethosebondswillcommandRecordingbondsissuanceBondsissuedatfaceamountIllustration9-1P
5、373OnJan.1,2011,issuedthebond:Issuer:Dr.Cash700,000Cr.Bondspayable700,000Investor:Dr.Investmentinbonds700,000Cr.Cash700,000LiabilityAssetRecordingbondsissuanceIllustration9-1P373OnJune30,2011,paidtheinterest:Firstinterestpayment=700,000×12%×(6/12)=$42,000Iss
6、uer:Dr.Interestexpense42,000Cr.Cash42,000Investor:Dr.Cash42,000Cr.Investmentrevenue42,000RecordingbondsissuanceIllustration9-1P373OnDec312011,June302012,Dec312012,June302013,makethesamejournalentrytorecordtheinterestpayment.OnDec.31,2013,bondsweremature:Issu
7、er:Dr.Interestexpense42,000Cr.Cash42,000Dr.Bondspayable700,000Cr.Cash700,000RecordingbondsissuanceBondsissuedatadiscountTheissuingprice?Price=PVofinterest+PVoffaceamountIllustration9-2P375PVofinterest:Interestpayment=$700,000×12%×(6/12)=$42,000n=2×3=6semiann
8、ualperiodsi=14%×(6/12)=7%PVofinterest=$42,000×4.76654=$200,195RecordingbondsissuanceIllustration9-2P375PVoffaceamount:Faceamount=$700,000n=2×3=6semiannualperiodsi=14%×(6/12)=7%PV=$700,000×0.6663
