Reference no: EM133148667
Question - On January 1, 2020, Balakadyan Corp Issued 1,000 of its January 1, 2015, 8%, 10 year, PHP1,000 face value bonds with detachable stock warrants at Php1,250,000. Each bond, which pays semi- annual interests every January 1 and July 1, carried 5 detachable warrants which entitle the holder to acquire one share of the Corporation's ordinary shares for every warrant at a specified option price of Php55 per share. Immediately after the Issuance, the prevailing market rate of interest is at 10% and the market value of the warrants was Php30.
The present value of Php1 at 10% for 5 periods is at 0.6209
The present value of Php1 at 05% for 10 periods is at 0.6139
The present value of Php1 at 10% ordinary annuity is at 3.7908
The present value of Php1 at 05% ordinary annuity is at 7.7217
Required -
1. What is the equity component of the compound instrument?
2. What is the balance of the bonds payable as of December 31, 2020?
3. How much is the interest expense in 2020?
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