Financial Accounting Amortization Methods Homework Help
- October 14, 2017
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- Category: Accounting QA
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On January 2, 2005, Drew Company issued 9% term bonds dated January 2, 2005, at an effective annual interest rate of 10%. Drew uses the effective interest method of amortization. On July 1, 2007, the bonds were extinguished early when Drew acquired them in the open market for a price greater than face amount.
On September 1, 2007, Drew issued for cash 7% nonconvertible bonds dated September 1, 2007, with detachable stock purchase warrants. Immediately after issuance, both the bonds and the warrants had separately determined market values.
Required
1. Were the 9% term bonds issued at face amount, at a discount, or at a premium? Why?
2. Would the amount of interest expense for the 9% term bonds using the effective interest method of amortization be higher in the first or second year of the life of the bond issue? Why?
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3. How should gain or loss on early extinguishment of debt be determined? Does the early extinguishment of the 9% term bonds result in a gain or loss? Why?
4. How should Drew report the early extinguishment of the 9% term bonds on the 2007 income statement?
5. How should Drew account for the issuance of the 7% nonconvertible bonds with detachable stock purchase warrants?
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