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How much interest expense will be recognized in year

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Q1. At what point and how are sales taxes charged to customers recorded?

At the time of the sale as revenue

At the time of the sale as a liability

At the time the sale takes place as an expense

At the time collected from the customer as unearned revenue

Q2. Brazen Inc. sells bonds with a face value of $1,000,000 and a contract interest rate of 9% for $1,200,000. The bonds will mature in 10 years. Using the straight line method of amortization of the bonds' premium, how much interest expense will be recognized in year 1?

$108,000

$70,000

$110,000

$90,000

Q3. How are convertible bonds accounted for on the date of issuance under IFRS?

A portion of the issue price is reported as equity and the other portion is expensed immediately.

The issue price is reported as stockholders' equity.

The issue price is reported as a liability.

A portion of the issue price is reported as debt and a portion as equity.

Reference no: EM131600210

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