ACC 3100-The Evermaster Co. issues at par a $100,000 8%
by | Mar 18, 2020 | Uncategorized
The Evermaster Co. issues at par a $100,000 8% bond on Jan. 1, 2010 which matures after 5 years. Bond issue costs are $7721.73 . The bond pays interest on July 1 and Jan 1.
- How much is the carrying value (book value – unamortized issue cost) of this bonds on issue date (round to the nearest dollar).
- How much interest expense would be recognized under GAAP on July 1, 2010? (round to the nearest dollar)
- How much interest expense will be recognized under IFRS on July 1, 2010 ? (round to the nearest dollar, use effective interest method.)
- How much interest expense will be recognized under GAAP for the six month period ending July 1, 2013.
- How much interest expense will be recognized under IFRS for the six month period ending July 1, 2013 ( Hint: You need to compute the book value at the beginning of the six month period.) Round your answer to the nearest dollar?
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