Reference no: EM13147644
Banks Billiard Company (BBC) issued $5 million in par value of bonds for $5.1 million. BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. What amounts should BBC record for the bonds upon issuance using IFRS?
A) $5 million recorded as bonds payable, $100,000 to premium on bonds and $250,000 to bond issuance expense as the issuance costs are expensed.
B) $4.75 million recorded as bonds payable, $250,000 to unamortized issuance costs and $110,000 to premium on bonds.
C) $4.85 million recorded as bonds payable.
D) $4.9 million recorded as bonds payable, $200,000 to unamortized issuance costs, $100,000 to premium on bonds and $50,000 to bond issuance expense.
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