Accountıng Iı Deneme Sınavı Sorusu #1041899
Anadolu Co. issued 200,000 TL of 12% 5 year bonds on January 1, 2019, interest is payable annually. Market interest rate was 10%. The principal amount borrowed will be paid back once at maturity. Calculate the selling price of bonds and make the necessary journal entry as of the issue date.
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Debit: Cash - 215,163 Credit: Long Term Bonds Payable - 200,000 Premium on LT Bonds Payable - 15,163 |
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Debit: Cash - 215,163 Credit: Long Term Bonds Payable - 15,163 Premium on LT Bonds Payable - 200,000 |
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Debit: Cash - 215,163 Credit: Long Term Bonds Payable - 200,000 Discount on Long Term Bonds Payable - 15,163 |
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Debit: Cash - 115,163 Credit: Long Term Bonds Payable - 100,000 Premium on LT Bonds Payable - 15,163 |
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Debit: Cash - 115,163 Credit: Premium on LT Bonds Payable - 100,000 Long Term Bonds Payable - 15,163 |
Present Value of the Principal
200,000 TL x 0.62092 (Appendix A, Table 1, n: 5, i: 10%) 124,184 TL
Present Value of the Interest Payments
24,000 x 3.79079 (Appendix A, Table 2, n: 5, i: 10% ) 90,979 TL
Present value (selling price) of the bonds 215,163 TL
Debit:
Cash - 215,163
Credit:
Long Term Bonds Payable - 200,000
Premium on LT Bonds Payable - 15,163
The correct answer is A.
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