Reference no: EM132976973
Problem -
1. On January 1, 2012, AAA company issued $5,000,000, 9% (stated interest rate) bonds for cash $4,695,000. The market interest rate is 10%. Interest is payable annually on December 31. AAA uses the effective-interest method of amortizing bond discount.
On the balance sheet as of December 31, 2012, how much of 'Bonds Payable' account should AAA report under U.S. GAAP and IFRS respectively?
2. On January 1, 2012, AAA company issued $5,000,000, 9% (stated interest rate) bonds for cash $4,695,000. The market interest rate is 10%. Interest is payable annually on December 31. AAA uses the effective-interest method of amortizing bond discount.
How much of interest expense is recorded on December 31, 2012, under U.S. GAAP and IFRS, respectively?
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