发行债券的三种方式

Chapter9BondsandLong-TermNotesBonds•Medium-andlarge-sizedcompanyoftenchoosetoborrowcashbyissuingbonds.•Abondissuedividesalargeliabilityintomanysmallerliabilities•Bondsobligatetheissuingcompanytorepayastatedamountataspecifiedmaturitydateandperiodicinterestbetweentheissuedateandmaturity.IssuedateMaturitydatefaceamount+interestFaceamount×statedrateThebondindenture•Abondindenturedescribesthespecificpromisesmadetobondholders•Thebondindentureisheldbyatrustee(commercialbank、otherfinancialinstitution)Twoparticipants:issuingcompany(issuer)/bondholder(investor)•Debenturebond(无担保债券)Subordinateddebenture(次级无担保债券)Mortgagebond（抵押债券）Callablebond（可赎回债券）Convertiblebonds(可转换债券)Issuingthebond•Bondscanbeissuedinthreeways:–Issuedatfacevalue(price=faceamount)Statedrate=Marketrate–Issuedatadiscount(pricefaceamount)StatedrateMarketrate–Issuedatapremium(pricefaceamount)StatedrateMarketrate–Otherthingsbeingequal,thelowertheperceivedriskinessofthebonds,thehigherthepricethosebondswillcommandRecordingbondsissuance•Bondsissuedatfaceamount•Illustration9-1P373•OnJan.1,2011,issuedthebond:▪Issuer:Dr.Cash700,000Cr.Bondspayable700,000▪Investor:Dr.Investmentinbonds700,000Cr.Cash700,000LiabilityAssetRecordingbondsissuance•Illustration9-1P373•OnJune30,2011,paidtheinterest:•Firstinterestpayment=700,000×12%×(6/12)=$42,000▪Issuer:Dr.Interestexpense42,000Cr.Cash42,000▪Investor:Dr.Cash42,000Cr.Investmentrevenue42,000Recordingbondsissuance•Illustration9-1P373•OnDec312011,June302012,Dec312012,June302013,makethesamejournalentrytorecordtheinterestpayment.•OnDec.31,2013,bondsweremature:Issuer:Dr.Interestexpense42,000Cr.Cash42,000Dr.Bondspayable700,000Cr.Cash700,000RecordingbondsissuanceBondsissuedatadiscountTheissuingprice?Price=PVofinterest+PVoffaceamountIllustration9-2P375PVofinterest:Interestpayment=$700,000×12%×(6/12)=$42,000n=2×3=6semiannualperiodsi=14%×(6/12)=7%PVofinterest=$42,000×4.76654=$200,195Recordingbondsissuance•Illustration9-2P375PVoffaceamount:Faceamount=$700,000n=2×3=6semiannualperiodsi=14%×(6/12)=7%PV=$700,000×0.66634=$466,438Price=$200,195+$466,438=$666,633Recordingbondsissuance•Illustration9-2P375OnJan.1,2011,issuedthebonds:Issuer:Dr.Cash666,633Discountonbondspayable33,367Cr.Bondspayable700,000ThedifferencebetweentheeffectiveinterestandtheinterestpaidincreasestheexistingliabilityEffectiveinterest=marketrate×outstandingbalanceRecordingbondsissuance•Illustration9-2P375•OnJune30,2011,paidtheinterest:Interestexpense=$666,633×14%×(6/12)=$46,664Interestactuallypaid=Faceamount×Statedrate=$700,000×12%×(6/12)=$42,000•Dr.Interestexpense46,664Cr.Cash42,000Discountonbondspayable4,664OnDec.31,2011theoutstandingbalance=$666,633+$4,664=671297Recordingbondsissuance•Illustration9-2P375OnDec.31,2011,paidtheinterest:Interestexpense=$671,297×14%×(6/12)=$46,991Interestactuallypaid=$700,000×12%×(6/12)=$42,000Dr.Interestexpense46,991Cr.Cash42,000Discountonbondspayable4,991Recordingbondsissuance•Illustration9-2P375OnJune302012,Dec.312012,June302013,makethesamejournalentrytorecordtheinterestpayments:OnDec.31,2013bondsweremature:Interestexpense=$693,456×14%×(6/12)=$48,544Dr.Interestexpense48,544Cr.Cash42,000Discountonbondspayable6,544Dr.Bondspayable700,000Cr.Cash700,000Recordingbondsissuance•BondsissuedatapremiumIssuingprice:Price=PVofinterest+PVoffaceamountIllustration9-3P378PVofinterest:Interestpayment=$700,000×12%×(6/12)=$42,000n=2×3=6semiannualperiodsi=10%×(6/12)=5%PVofinterest=$42,000×5.07569=$213,179Recordingbondsissuance•Illustration9-3P378PVoffaceamount:Faceamount=$700,000n=2×3=6semiannualperiodsi=10%×(6/12)=5%PVoffaceamount=$700,000×0.74622=$522,354Recordingbondsissuance•Illustration9-3P378Priceofthebonds=PVofinterest+PVoffaceamount=$213,179+$522,354=$735,533OnJan.1,2011,issuedthebonds:Dr.Cash735,533Cr.Bondspayable700,000Premiumonbondspayable35,533Recordingbondsissuance•Illustration9-3P378OnJune30,2011,paidtheinterest:Interestexpense=$735,533×10%×(6/12)=$36,777Interestactuallypaid=$700,000×12%×(6/12)=$42,000Dr.Interestexpense36,777Premiumonbondspayable5,223Cr.Cash42,000Recordingbondsissuance•Illustration9-3P378OnJune302012,Dec.312012,June302013,makethesamejournalentrytorecordtheinterestpayments:OnDec.31,2013,bondsweremature:Interestexpense=$706671×10%×(6/12)=$35,329Interestactuallypaid=$700,000×12%×(6/12)=$42,000Dr.Interestexpense35,329Premiumonbondspayable6,671Cr.Cash42,000Dr.Bondspayable700,000Cr.Cash700,000•Azero-couponbondspaynointerest.Itoffersareturnintheformofa“deepdiscount”fromthefaceamountThepresentvalueof$2,230,discountedat2%for20years,is$1,501Graphic9-5P378Zero-couponbondsBetweeninterestdates•AnyinterestthathasaccruedsincethelastinterestdatemustberecordedbyanadjustingebtrypriortopreparingfincialstatementsExampleP380October31Dr.Interestexpense$31,327Cr.Discountonbonds$3,327Interestpayable$28,000•December31Dr.Interestexpense$15,664Interestpayable$28,000Cr.Discountonbondspayable$1,664Cash$42,000BetweeninterestdatesThestraight-linemethod•Acompanyisallowedtodetermineinterestindirectlybyallocatingadiscountorapremiumequallytoeachperiodoverthe