05 Hutang Jk Panjang Dan Investasi Obligasi

Chapter Chapter 1515Bonds Payable and Bonds Payable and

Investments in BondsInvestments in BondsAccounting, 21st Edition

Warren Reeve Fess

PowerPoint Presentation by Douglas CloudProfessor Emeritus of AccountingPepperdine University

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1. Menghitung Dampak Hutang Obligasi terhadap Laba per Lembar saham (EPS)

2. Menjelaskan karakteristik Obligasi3. Menghitung Present Value atas Obligasi4. Membuat jurnal Pencatatan Penerbitan

Obligasi5. Jurnal Pembayaran Bunga, Amortisasi

Discount dan Premium6. Membuat Jurnal Penarikan Obligasi

Tujuan Pembelajaran

Sumber PembiayaanSumber Pembiayaan

Stockholders’Equity

Assets

Liabilities

Equity Financing: Stockholders

Debt Financing: Bondholders

Bondholders Stockholders

Two Methods of Long-Term FinancingTwo Methods of Long-Term Financing

Interest Dividend

Alternative Financing Plans – $800,000 EarningsAlternative Financing Plans – $800,000 EarningsPlan 1 Plan 2 Plan 3

12 % bonds — — $2,000,000Preferred 9% stock, $50 par — $2,000,000 1,000,000Common stock, $10 par $4,000,000 2,000,000 1,000,000Total $4,000,000 $4,000,000 $4,000,000Earnings before interest

and income tax $ 800,000 $ 800,000 $ 800,000Deduct interest on bonds — — 240,000

Income before income tax $ 800,000 $ 800,000 $ 560,000Deduct income tax 320,000 320,000 224,000

Net income $ 480,000 $ 480,000 $ 336,000Dividends on preferred stock — 180,000 90,000Available for dividends $ 480,000 $ 300,000 $ 246,000Shares of common stock ÷400,000 ÷200,000 ÷100,000Earnings per share $ 1.20 $ 1.50 $ 2.46

Alternative Financing Plans – $440,000 EarningsAlternative Financing Plans – $440,000 EarningsPlan 1 Plan 2 Plan 3

12 % bonds — — $2,000,000Preferred 9% stock, $50 par — $2,000,000 1,000,000Common stock, $10 par $4,000,000 2,000,000 1,000,000Total $4,000,000 $4,000,000 $4,000,000Earnings before interest

and income tax $ 440,000 $ 440,000 $ 440,000Deduct interest on bonds — — 240,000

Income before income tax $ 440,000 $ 440,000 $ 200,000Deduct income tax 176,000 176,000 80,000

Net income $ 264,000 $ 264,000 $ 120,000Dividends on preferred stock — 180,000 90,000Available for dividends $ 264,000 $ 84,000 $ 30,000Shares of common stock ÷400,000 ÷200,000 ÷100,000Earnings per share $ 0.66 $ 0.42 $ 0.30

Characteristics of Bonds PayableCharacteristics of Bonds PayableTermasuk kategori Long-Term Debt/ hutang

jangka panjangMempunyai Nilai Nominal (Face Ammount) yaitu

nilai yang harus dibayarkan pada tgl jatuh tempoTingkat Bunga (contact rate) yang tetap per-tahun Jenis Bond bermacam-macam al: Term Bonds,

serial Bonds, Callable Bond, Convertible Bond dll.

When all bonds of an issue mature at the same time, they are called term bonds. If the maturity dates are spread over several dates, they are called serial bonds.

Bonds that may be exchanged for other securities are called convertible bonds.

Bonds that a corporation reserves the right to redeem before maturity are callable bonds.

Bonds issued on the basis of the general credit of the corporations are debenture bonds.

The Present-Value Concept and The Present-Value Concept and Bonds PayableBonds Payable

The Present-Value Concept The Present-Value Concept and Bonds Payableand Bonds Payable

MARKET RATE = CONTRACT RATE

Sell price of bond = $1,000

$1,00010% payable

annually


MARKET RATE > CONTRACT RATE

Sell price of bond < $1,000

–Discount

$1,00010% payable

annually


MARKET < CONTRACT RATE

Sell price of bond > $1,000

+Premium

$1,00010% payable

annually

A $1,000, 10% bond is purchased. It pays interest annually and will mature in two years.

Today End of Year 1

End of Year 2

Interest payment

$100Interest payment

$100

$90.91 $100 x 0.90909

$1,00010%

payable annually

$82.65 $100 x 0.82645

$1,000 x 0.82645$826.45

$1,000.00 (rounded)


ORPresent value of face value of $1,000 due

in 2 years at 10% compounded annually:$1,000 x 0.82645 $ 826.45

Present value of 2 annual interest paymentsof 10% compounded annually: $100 x 1.73554 (PV of annuity of $1 for 2 yearsat 10%) 173.55

Total present value of bonds $1,000.00

Kapan Amortisasi dilakukan

Bersamaan dengan

pembayaran bunga

Pada akhir tahun

Accounting for Bonds PayableAccounting for Bonds PayableBonds Issued at Face Amount

On January 1, 2005, a corporation issues for cash $100,000 of 12%, five-year bonds; interest payable semiannually. The market rate of interest is 12%.

Present value of face amount of $100,000 due in 5

years at 12% compounded annually: $100,000 x 0.55840$ 55,840

Present value of 10 interest payments of $6,000

compounded semiannually: $6,000 x 7.3609 (PV of annuity of $1 for 10 periods at 6%) 44,160

Total present value of bonds$100,000

Accounting for Bonds PayableAccounting for Bonds Payable

On January 1, 2005, a corporation issues for cash $100,000 of 12%, five-year bonds; interest payable

semiannual. The market rate of interest is 12%.

Jan. 1 Cash 100 000 00

Issued $100,000 bonds

payable at face amount.

Bonds Payable 100 000 00

2005

Bonds Issued at Face Amount


On June 30, an interest payment of $6,000 is made ($100,000 x .12 x 6/12).

June 30 Interest Expense 6 000 00

Paid six months’ interest on

bonds.

Cash 6 000 00

Bonds Issued at Face Amount

The bond matured on December 31, 2009. At this time, the corporation paid the face

amount to the bondholder.

Dec. 31 Bonds Payable 100 000 00

Paid bond principal at

maturity date.

Cash 100 000 00

2009

Accounting for Bonds PayableAccounting for Bonds PayableBonds Issued at Face Amount

Assume that the market rate of interest is 13% on the $100,000 bond rather than 12%.


Bonds Issued at a Discount


years at 13% compounded semiannually: $100,000 x 0.53273 (PV of $1 for 10 periods at 6½%)$53,273

Present value of 10 semiannual interest payments

of $6,000 compounded semiannually: $6,000 x 7.18883 (PV of annuity of $1 for 10 periods at 6½%) 43,133


On January 1, 2005, the firm issued $100,000 bonds for $96,406 (a discount of $3,594).


Jan. 1 Cash 96 406 00

Discount on Bonds Payable 3 594 00

Issued $100,000 bonds at

discount.

Bonds Payable 100 000 00

2005


On June 30, 2005, six-months’ interest is paid and the bond discount is amortized using the straight-line method.


Paid semiannual interest and

amortized 1/10 of discount.

Discount on Bonds Payable 359 40

Cash 6 000 00

2005

$3,594 ÷ $3,594 ÷ 1010



If the market rate of interest is 11% and the contract rate is 12%, the bond would sell for $103,769.


Bonds Issued at a PremiumBonds Issued at a Premium


years at 11% compounded annually: $100,000 x 0.58543 (PV of $1 for 10 periods at 5½%)$ 58,543

Present value of 10 semiannual interest payments of

$6,000 at 11%compounded semiannually: $6,000 x 7.53763 (PV of annuity of $1 for 10 periods at 5½%) 45,226


Sold $100,000 of bonds for $103,769 (a premium of $3,769).

Jan. 1 Cash 103 769 00

Issued $100,000 bonds at a

premium.

Bonds Payable100 000 00

Premium on Bonds Payable3 769 00

2005



On June 30, paid the semiannual interest and amortized the premium.


Premium on Bonds Payable 376 90

Paid semiannual interest and

amortized 1/10 of bond premium.

Cash 6 000 00

2005

$3,769 x 1/10$3,769 x 1/10



Zero-Coupon BondsZero-Coupon Bonds

Zero-coupon bonds do not provide for interest payments. Only the face amount is paid at maturity.

Assume market rate is 13% at date of issue.

Present value of $100,000 due in 5 years at 13% compounded semi annually: $100,000 x 0.53273(PV of $1 for 10 periods at 6½%)$53,273


On January 1, 2005, Issue 5-year, $100,000 zero-coupon bonds when the

market rate of interest is 13%.

Jan. 1 Cash 53 273 00

Discount on Bonds Payable 46 727 00

Issued $100,000 zero-

coupon bonds.

Bonds Payable100 000 00

2005


Zero-Coupon BondsZero-Coupon Bonds

The bond indenture may require that a fund for the payments of the face value

of the bonds at maturity be set aside over the life of the bonds. This special fund

is called a bond sinking fund.

Langkah-langkah Penarikan:1. Hitung dan Jurnal besarnya Amortisasi

Premium/Discount (tgl Bunga terakhir s.d. tgl Penarikan)

2. Hitung Nilai Buku/Book Value Bonds:BV = Face Ammount + Unamortization

Premiumor

BV = Face Ammount - Unamortization Discount

Bond RedemptionBond Redemption

Langkah-langkah Penarikan:3. Bandingkan BV vs Harga Penarikan4. JURNAL PENARIKAN

a. BV = Hg. Penarikan no Gain/Lossb. BV < Hg. Penarikan Lossc. BV > Hg. Penarikan Gain



On June 30, a corporation has a bond issue of $100,000 outstanding on which there is an

unamortized premium of $4,000. The corporation purchases one-fourth of the bonds for $24,000.

June 30 Bonds Payable 25 000 00Premium on Bonds Payable 1 000 00

Retired bonds for $24,000.

Cash 24 000 00

Gain on redemption of Bonds2 000 00

2005


Perusahaan melunasi Bondsnya dengan harga penarikan$105,000.

June 30 Bonds Payable 100 000 00

Premium on Bonds Payable 4 000 00

Loss on Redemption of Bonds 1 000 00

Retired bonds for $105,000.

Cash105 000 00

2005

Investments in BondsInvestments in Bonds

Bonds dapat dibeli langsung dari perusahaan penerbit atau dari pasar modal.

Harga Bonds biasanya ditentukan dalam prosentase/ percentage dari Nilai

Nominal/face amount.

Premium /Discount langsung ditambahkan/dikurangkan dalam Akun “Investment In Bonds” dan diamortisasi

sepanjang sisa umur Bonds

On April 2, 2005, Purchased a $1,000 Lewis Company bond at 102 plus a brokerage fee of

$5.30 and accrued interest of $10.20.

Apr. 2 Investment in Lewis Co. Bonds. 1 025 30

Invested in a Lewis

Company bond.

Cash1 035 50

2005


Interest Revenue 10 20

Note that the brokerage fee is added to the cost of the investment.


Contoh Lengkap

On July 1, 2005, Crenshaw Inc. purchases $50,000 of 8% bonds of Deitz Corporation due

in 8 3/4 years. The effective interest rate is 11%. The purchase price is $41,706 plus

interest of $1,000 accrued from April 1, 2005.

July 1 Investment in Deitz Corp. Bonds. 41 706 00Interest Revenue 1 000 00

Purchased investment in

bonds, plus accrued interest.

Cash42 706 00

2005


$50,000 x 8% x 3/12$50,000 x 8% x 3/12

Received semiannual interest for April 1 to October 1 ($50,000 x 8% x 6/12).

Oct. 1 Cash 2 000 00

Received semiannual

interest for April 1 to

October 1.

Interest Revenue2 000 00


Adjusting entry for interest accrued from October 1 to December 31

($50,000 x 8% x 3/12).

Dec. 31 Interest Receivable 1 000 00

Adjusting entry for interest

accrued from October 1 to

December 31.

Interest Revenue1 000 00


Adjusting entry for amortization of discount for July 1 to December 31: ($50,000 –$41,706)/105 x 6 months.

Dec. 31 Investment in Deitz Corp. Bonds 474 00

Adjusting entry for

amortization of discount

from July 1 to December 31.

Interest Revenue474 00


Rounded to Rounded to nearest dollar nearest dollar ($79 a month)($79 a month)

Investment RevenueOct. 1 2,000Dec. 31 1,000

31 4743,474

July 1 1,000

Bal. 2,474


The Deitz bonds are sold on June 30, 2012 for $47,350 plus accrued interest. It has

been six months since the last amortization entry, so amortization for the current year

must be recorded (6 months).

June 30 Investment in Deitz Corp. Bonds 474 00

Amortized discount for

current year.

Interest Revenue474 00

2012


$79 x 6$79 x 6

Investment in Deitz Corporation BondsJuly 1 41,706Dec. 31 474Dec. 31 948Dec. 31 948Dec. 31 948Dec. 31 948Dec. 31 948Dec. 31 948June 30 474

48,342

2005

2006

2007

2008

2009

2010

2011

2012

The investment account after all

amortization entries have been made,

including the June 30, 2012

adjusting entry.


$79 x 6$79 x 6$79 x 12$79 x 12

This investment was sold on June 30, 2009 for $47,350 plus accrued interest. It has

been six months since the last amortization entry, so amortization for the current year

must be recorded (6 months).

June 30 Cash 48 350 00

Loss on Sale of Investment 992 00 Interest Revenue1 000 00

Investment in Deitz Corp. Bonds48 342 00

2012


$50,000 $50,000 x 8% x x 8% x

3/123/12

Number of Times Interest Charges Earned

Financial Analysis and Interpretation

Solvency MeasuresSolvency Measures——The Long-Term CreditorThe Long-Term Creditor

Number of Times Interest Charges EarnedNumber of Times Interest Charges Earned2006 2005

Income before income tax $ 900,000 $ 800,000Add interest expense 300,000 250,000Amount available for interest $1,200,000 $1,050,000

Income before income tax + Interest expenseInterest Expense

$800,000 + $250,000$250,000

20052005 = 4.2 times

Solvency MeasuresSolvency Measures——The Long-Term CreditorThe Long-Term Creditor

Number of Times Interest Charges EarnedNumber of Times Interest Charges Earned2006 2005

Income before income tax $ 900,000 $ 800,000Add interest expense 300,000 250,000Amount available for interest $1,200,000 $1,050,000

Income before income tax + Interest expenseInterest Expense

$900,000 + $300,000$300,000

20062006 = 4.0 times

The purpose of the ratio is to assess the risk to debtholders in

terms of number of times interest charges were earned.

The End

Chapter 15Chapter 15

05 Hutang Jk Panjang Dan Investasi Obligasi

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