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1、Long-TermLiabilitiesChapter10IntermediateAccounting12thEditionKieso,Weygandt,andWarfieldIdentifyvarioustypesofbondissues.Describetheaccountingvaluationforbondsatdateofissuance.Applythemethodsofbonddiscountandpremiumamortization.Describetheaccountingforthee
2、xtinguishmentofdebt.Explaintheaccountingforlong-termnotespayable.LearningObjectivesLong-TermLiabilitiesBondsPayableLong-TermNotesPayableTypesofbondsValuationEffective-interestmethodCostsofissuingExtinguishmentBondsPayableLong-termdebtconsistsofprobablefutu
3、resacrificesofeconomicbenefitsarisingfrompresentobligationsthatarenotpayablewithinayearortheoperatingcycleofthecompany,whicheverislonger.Examples:BondspayableNotespayableMortgagespayablePensionliabilitiesLeaseliabilitiesTypesofbondsBondcontractknownasabond
4、indenture.Representsapromisetopay:sumofmoneyatdesignatedmaturitydate,plusperiodicinterestataspecifiedrateonthematurityamount(facevalue).Papercertificate,typicallya$1,000facevalue.Interestpaymentsusuallymadesemiannually.Purposeistoborrowwhentheamountofcapit
5、alneededistoolargeforonelendertosupply.Commontypesfoundinpractice:SecuredandUnsecured(debenture)bonds,Term,Serial,andCallablebonds,Convertiblebonds,Commodity-backedbonds,Deep-discountbonds(Zero-interestdebenturebonds),Registeredbondsandbearerorcouponbonds,
6、IncomeandRevenuebonds.ValuationofBondsBetweenthetimethecompanysetsthetermsandthetimeitissuesthebonds,themarketconditionsandthefinancialpositionoftheissuingcorporationmaychangesignificantly.Suchchangesaffectthemarketabilityofthebondsandthustheirsellingprice
7、.Theinvestmentcommunityvaluesabondatthepresentvalueofitsexpectedfuturecashflows,whichconsistof(1)interestand(2)principal.Thenominalinterestis：(StatedratexFaceValueofthebond)Theactualinterestis：(MarketratexCarryingValueofthebond)InterestRatesStatedornominal
8、rate=Theinterestratewritteninthetermsofthebondindenture.Marketoreffectiverate=rateofinterestactuallyearnedbythebondholders.1-DependsonMarketRateofinterest2-Computationofsellingprice:-PVofmaturityvalue,plus-PV
