A company which prepares its financial statements
A company, which prepares its financial statements in accordance with IFRS issues ￡5,000,000 face value ten year bonds on January 1, 2010 when interest rates are 5.50%.The bonds carry a coupon of 6.50%, with interest paid annually on December 31.The carrying value of the bonds as of December 31, 2011 will be closest to:
A.￡4,695,562.
B.￡5,301,000.
C.￡5,316,000.
参考解答
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2024-11-06 10:17:08
Ans:C.
The bond proceeds are determined by taking the present value of the coupon stream and terminal payment at the interest rate of 5.5%:
Proceeds
= 5,000,000 x 6.5% x PVA(10y, 5.5%) + 5,000,000 x PV(10y, 5.5%)
= 325,000 x PVA(10y, 5.5%) + 5,000,000 x PV(10y, 5.5%)
= 5,376,881
Where PVA(10y, 5.5%) is the present value interest factor for an annuity of $1 for 10years at 5.5%, and PV(10y, 5.5%) is the present value interest factor for $1 to be received in 10years when rates are 5.5%
Using the effective annual interest (EAI) rate method which is required under IFRS.
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