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Company X issues on 1/1/2021 a convertible bond with $100,000 face value, 8.2% coupon rate, and 10 years of annual payments on 12/31. The issuance price is $111,000. Market rate is 7%. The conversion option is that every $1,000 face value of bonds is converted to 85 shares. (Discount factors for 7% and 10 years: 0.5083 single sum, 7.0236 annuity).
Answer the following:
Problem a) If Company X uses IFRS, what would be journal entry on 1/1/2021 to record the issuance?
Problem b) If Company X is using US GAAP, what would be journal entry on 1/1/2021 to record the issuance?
Problem c) What would be the effective interest rate used in the bond's amortization schedule under IFRS and US GAAP?
Problem d) The bond was converted on 1/1/2022 to common shares (assume the shares are no-par). Record the journal entry for the conversion under US GAAP and IFRS.
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