This document discusses accounting for long-term liabilities, specifically bonds. It describes the major characteristics of bonds such as being interest-bearing notes that are sold in small denominations to attract many investors. The corporation issuing the bonds borrows money from the bondholders. The document discusses how to account for bond transactions when bonds are issued, redeemed, or converted to common stock. It explains accounting entries for bonds issued at face value, a discount, or premium. It also discusses amortizing bond discounts or premiums over the life of the bonds.

1. 15-1
Long-Term Liabilities
15
Learning Objectives
Describe the major characteristics of bonds.
Explain how to account for bond transactions.
Explain how to account for long-term notes payable.
3
2
1
Discuss how long-term liabilities are reported and analyzed.
4

2. 15-2
Debt
Acquire the things
to grow
Kills a
company

3. 15-3
Long-term liabilities are obligations that are expected to
be paid after one year.
 Interest bearing notes payable
 Sold in small denominations (usually $1,000 or multiples
of $1,000).
 Attract many investors.
 Corporation issuing bonds is borrowing money (issuer)
 Person who buys the bonds (the bondholder) is investing
in bonds.
LO 1
LEARNING
OBJECTIVE
Describe the major characteristics of bonds.
1

4. 15-4
Types of Bonds
LO 1

5. 15-5
 State laws grant corporations the power to issue bonds.
 Board of directors and stockholders must approve bond
issues.
 Board of directors must stipulate number of bonds to be
authorized, total face value, and contractual interest rate.
 Bond terms set forth in legal document known as a bond
indenture.
 Bond certificate, typically a $1,000 face value.
Bonds
Issuing Procedures
LO 1

6. 15-6
 Represents a promise to pay:
► sum of money at designated maturity date, plus
► periodic interest at a contractual (stated) rate on the
maturity amount (face value).
 Interest payments usually made semiannually.
 Issued to obtain large amounts of long-term capital.
 Investment company sells the bonds for the issuing
company.
Bonds
LO 1
Issuing Procedures

7. 15-7
LO 1
Illustration 15-1
Bond certificate

8. 15-8
Determining the Market Value of a Bond
Current market price (present value) is a function of the three
factors:
1. dollar amounts to be received,
2. length of time until the amounts are received, and
3. market rate of interest.
The market interest rate is the rate investors demand for
loaning funds.
LO 1

9. 15-9
Determining the Market Value of a Bond
Illustration: Assume that Acropolis Company on January 1, 2017,
issues $100,000 of 9% bonds, due in five years, with interest
payable annually at year-end. The purchaser of the bonds would
receive the following two types of cash payments: (1) principal of
$100,000 to be paid at maturity, and (2) five $9,000 interest
payments ($100,000 x 9%) over the term of the bonds.
LO 1
Illustration 15-2
Time diagram depicting cash flows

10. 15-10
Determining the Market Value of a Bond
The current market price of a bond is equal to the present value of
all the future cash payments promised by the bond.
LO 1
Illustration 15-3
Computing the market price of bonds
Illustration 15-2

11. 15-11
State whether each of the following statements is true or false.
_______ 1. Mortgage bonds and sinking fund bonds are both
examples of secured bonds.
_______ 2. Unsecured bonds are also known as debenture bonds.
_______ 3. The stated rate is the rate investors demand for loaning
funds.
_______ 4. The face value is the amount of principal the issuing
company must pay at the maturity date.
_______ 5. The market price of a bond is equal to its maturity
value.
DO IT! Bond Terminology
1
LO 1
True
True
False
True
False

12. 15-12
Corporation records bond transactions when it
 issues (sells),
 redeems (buys back) bonds, and
 when bondholders convert bonds into common stock.
NOTE: If bondholders sell their bond investments to other investors,
the issuing company receives no further money on the transaction, nor
does the issuing company journalize the transaction.
LO 2
LEARNING
OBJECTIVE
Explain how to account for bond
transactions.
2

13. 15-13
The rate of interest investors demand for loaning funds to a
corporation is the:
a. contractual interest rate.
b. face value rate.
c. market interest rate.
d. stated interest rate.
Question
LO 2
Accounting for Bond Transactions

14. 15-14
Issue at Face Value, Discount, or Premium?
Bond
Contractual
Interest
Rate 10%
LO 2
Illustration 15-4
Interest rates and bond prices
Run slide show to reveal “Bonds Sell at.”
Accounting for Bond Transactions

15. 15-15
Karson Inc. issues 10-year bonds with a maturity value of $200,000.
If the bonds are issued at a premium, this indicates that:
a. the contractual interest rate exceeds the market interest rate.
b. the market interest rate exceeds the contractual interest rate.
c. the contractual interest rate and the market interest rate are
the same.
d. no relationship exists between the two rates.
LO 2
Question
Accounting for Bond Transactions

16. 15-16
Illustration: On January 1, 2017, Candlestick, Inc. issues
$100,000, five-year, 10% bonds at 100 (100% of face value).
The entry to record the sale is:
Jan. 1 Cash 100,000
Bonds Payable 100,000
LO 2
Issuing Bonds at Face Value

17. 15-17
Illustration: On January 1, 2017, Candlestick, Inc. issues
$100,000, five-year, 10% bonds at 100 (100% of face value).
Assume that interest is payable annually on January 1. At
December 31, 2017, Candlestick recognizes interest expense
incurred with the following entry. Assume monthly accruals
have not been made.
Dec. 31 Interest Expense 10,000
Interest Payable 10,000
LO 2
Issuing Bonds at Face Value

18. 15-18
Illustration: On January 1, 2017, Candlestick, Inc. issues
$100,000, five-year, 10% bonds at 100 (100% of face value).
Assume that interest is payable annually on January 1.
Candlestick records the payment on January 1, 2018, as
follows.
Jan. 1 Interest Payable 10,000
Cash 10,000
LO 2
Issuing Bonds at Face Value

19. 15-19
Market Rate 10% Bond are offering
8%
Price will drop and
u need to sell it on
discount
Discount = Face value – Sale Price

20. 15-20
Illustration: On January 1, 2017, Candlestick,
Inc. sells $100,000, five-year, 10% bonds for
$98,000 (98% of face value). Interest is
payable annually January 1. The entry to
record the issuance is:
Jan. 1 Cash 98,000
Discount on Bonds Payable 2,000
Bonds Payable 100,000
LO 2
Issuing Bonds at a Discount

21. 15-21
Sale of bonds below face value (discount) =
total cost of borrowing > interest paid.
Reason: Borrower is required to pay the bond discount at the maturity
date. Therefore, the bond discount is considered to be a increase in
the cost of borrowing. The issuer must pay not only the contractual
interest rate but also face value at maturity.
Statement Presentation
Illustration 15-5
Statement presentation of
discount on bonds payable
Carrying value or
book value
LO 2
Issuing Bonds at a Discount

22. 15-22
Total Cost of Borrowing
LO 2
Illustration 15-7
Illustration 15-6
OR
Issuing Bonds at a Discount

23. 15-23 LO 2
Issuing Bonds at a Discount
Illustration 15-8
Amortization of bond discount

24. 15-24
Discount on Bonds Payable:
a. has a credit balance.
b. is a contra account.
c. is added to bonds payable on the balance sheet.
d. increases over the term of the bonds.
Question
LO 2
Issuing Bonds at a Discount

25. 15-25
Market Rate 8% Bond are offering
10%
Price will be higher and
u need to sell it on
premium
Discount = Sale Price – Face value

26. 15-26
Jan. 1 Cash 102,000
Bonds Payable 100,000
Premium on Bonds Payable 2,000
Illustration: On January 1, 2017,
Candlestick, Inc. sells $100,000, five-year,
10% bonds for $102,000 (102% of face
value). Interest is payable annually January
1. The entry to record the issuance is:
LO 2
Issuing Bonds at a Premium

27. 15-27
Sale of bonds above face value (premium) =
total cost of borrowing < interest paid.
Reason: Borrower is not required to pay the bond premium at the
maturity date of the bonds. Therefore, the bond premium is
considered to be a reduction in the cost of borrowing that reduces
bond interest over the life of the bonds.
LO 2
Statement Presentation
Illustration 15-9
Statement presentation of
discount on bonds payable
Issuing Bonds at a Premium

28. 15-28
Total Cost of Borrowing
LO 2
Illustration 15-11
Illustration 15-10
OR
Issuing Bonds at a Premium

29. 15-29 LO 2
Issuing Bonds at a Premium
Illustration 15-12
Amortization of bond premium

30. 15-30
Giant Corporation issues $200,000 of bonds for $189,000. (a)
Prepare the journal entry to record the issuance of the bonds, and
(b) show how the bonds would be reported on the balance sheet at
the date of issuance.
Solution
DO IT! Bond Issuance
2a
(a) Cash 189,000
Discount on Bonds Payable 11,000
Bonds Payable 200,000
(b) Long-term liabilities
Bonds payable $200,000
Less: Discount on bonds payable 11,000 $189,000
LO 2

31. 15-31
Jan. 1 Bonds Payable 100,000
Cash 100,000
Assuming that the company pays and records separately the
interest for the last interest period, Candlestick records the
redemption of its bonds at maturity as follows:
REDEEMING BONDS AT MATURITY
LO 2

32. 15-32
When bonds are redeemed before maturity, it is necessary to:
1. eliminate carrying value of bonds at redemption date;
2. record cash paid; and
3. recognize gain or loss on redemption.
The carrying value of the bonds is the face value of the bonds less any
remaining bond discount or plus any remaining bond premium at the
redemption date.
REDEEMING BONDS BEFORE MATURITY
LO 2

33. 15-33
When bonds are redeemed before maturity, the gain or loss
on redemption is the difference between the cash paid and
the:
a. carrying value of the bonds.
b. face value of the bonds.
c. original selling price of the bonds.
d. maturity value of the bonds.
Question
LO 2
REDEEMING BONDS BEFORE MATURITY

34. 15-34
Illustration: Assume Candlestick, Inc. has sold its bonds at a
premium. At the end of the fourth period, Candlestick retires
these bonds at 103 after paying the annual interest. The
carrying value of the bonds at the redemption date is $100,400.
Candlestick makes the following entry to record the redemption
at the end of the fourth interest period (January 1, 2021):
Jan. 1 Bonds Payable 100,000
Premium on Bonds Payable 400
Loss on Bond Redemption 2,600
Cash 103,000
LO 2
REDEEMING BONDS BEFORE MATURITY

35. 15-35
Until conversion, the bondholder receives interest on the
bond.
For the issuer, the bonds sell at a higher price and pay a
lower rate of interest than comparable debt securities
without the conversion option.
Upon conversion, the company transfers the carrying value
of the bonds to paid-in capital accounts. No gain or loss is
recognized.
CONVERTING BONDS INTO COMMON STOCK
LO 2

36. 15-36
Illustration: On July 1, Saunders Associates converts
$100,000 bonds sold at face value into 2,000 shares of $10
par value common stock. Both the bonds and the common
stock have a market value of $130,000. Saunders makes the
following entry to record the conversion:
July 1 Bonds Payable 100,000
Common Stock (2,000 x $10) 20,000
Paid-in Capital in Excess of Par—
Common Stock 80,000
LO 2
CONVERTING BONDS INTO COMMON STOCK

37. 15-37
When bonds are converted into common stock:
a. a gain or loss is recognized.
b. the carrying value of the bonds is transferred to paid-
in capital accounts.
c. the market price of the stock is considered in the
entry.
d. the market price of the bonds is transferred to paid-in
capital.
Question
LO 2
CONVERTING BONDS INTO COMMON STOCK

38. 15-38
How About Some Green Bonds?
Unilever recently began producing popular frozen treats such as Magnums and
Cornettos, funded by green bonds. Green bonds are debt used to fund activities
such as renewable- energy projects. In Unilever’s case, the proceeds from the
sale of green bonds are used to clean up the company’s manufacturing
operations and cut waste (such as related to energy consumption).
The use of green bonds has taken off as companies now have guidelines as to
how to disclose and report on these green-bond proceeds. These standardized
disclosures provide transparency as to how these bonds are used and their effect
on overall profitability. Investors are taking a strong interest in these bonds.
Investing companies are installing socially responsible investing teams and have
started to integrate sustainability into their investment processes. The disclosures
of how companies are using the bond proceeds help investors to make better
financial decisions.
Source: Ben Edwards, “Green Bonds Catch On.” Wall Street Journal (April 3, 2014), p. C5.
People, Planet, and Profit Insight Unilever
LO 2

39. 15-39
R & B Inc. issued $500,000, 10-year bonds at a discount. Prior to
maturity, when the carrying value of the bonds is $496,000, the
company redeems the bonds at 98. Prepare the entry to record
the redemption of the bonds.
Solution
DO IT! Bond Redemption
2b
LO 2
Bonds Payable 500,000
Discount on Bonds Payable 4,000
Gain on Bond Redemption 6,000
Cash ($500,000 x 98%) 490,000

40. 15-40
Long-Term Notes Payable
LO 3
 May be secured by a mortgage that pledges title to
specific assets as security for a loan.
 Typically, the terms require the borrower to make
installment payments over the term of the loan. Each
payment consists of
1. interest on the unpaid balance of the loan and
2. a reduction of loan principal.
 Companies initially record mortgage notes payable at
face value.
LEARNING
OBJECTIVE
Explain how to account for long-term notes
payable.
3

41. 15-41
Illustration: Porter Technology Inc. issues a $500,000, 8%, 20-
year mortgage note on December 31, 2017. The terms provide
for semiannual installment payments of $50,926 (not including
real estate taxes and insurance).
LO 3
Long-Term Notes Payable
Illustration 15-13
Mortgage installment payment schedule

42. 15-42
Dec. 31 Cash 500,000
Mortgage Payable 500,000
Illustration: Porter Technology Inc. issues a $500,000, 8%, 20-
year mortgage note on December 31, 2017. The terms provide
for semiannual installment payments of $50,926 (not including
real estate taxes and insurance). Prepare the entries to record
the mortgage and first payment.
LO 3
Long-Term Notes Payable

43. 15-43
 On December 31, 2018, Porter records the first
installment payment as follows:
Dec. 31 Interest Expense 40,000
Mortgage Payable 10,926
Cash 50,926

44. 15-44
Each payment on a mortgage note payable consists of:
a. interest on the original balance of the loan.
b. reduction of loan principal only.
c. interest on the original balance of the loan and
reduction of loan principal.
d. interest on the unpaid balance of the loan and
reduction of loan principal.
Question
LO 3
Long-Term Notes Payable

45. 15-45
Cole Research issues a $250,000, 6%, 20-year mortgage note to
obtain needed financing for a new lab. The terms call for annual
payments of $21,796 each. Prepare the entries to record the
mortgage loan and the first payment.
Solution
DO IT! Long-Term Notes
3
LO 3
Cash 250,000
Mortgage Payable 250,000
Interest Expense ($250,000 x 6%) 15,000*
Mortgage Payable 6,796
Cash 21,796

46. 15-46
Presentation
LO 4
Illustration 15-14
Balance sheet presentation
of long-term liabilities
Companies report the current maturities of long-term debt under
current liabilities if they are to be paid within one year or the
operating cycle, whichever is longer.
LEARNING
OBJECTIVE
Discuss how long-term liabilities are
reported and analyzed.
4

47. 15-47

48. 15-48
Two ratios that provide information long-run solvency and
the ability to meet interest payments as they come due are:
 Debt to Assets Ratio
 Times Interest Earned
Use of Ratios
LO 4

49. 15-49
Illustration: Kellogg Company reported total liabilities of $8,925
million, total assets of $11,200 million, interest expense of $295
million, income taxes of $476 million, and net income of $1,208
million.
LO 4
The higher the percentage of debt to assets, the greater the
risk that the company may be unable to meet its maturing
obligations.
Illustration 15-15
Debt to assets ratio
Use of Ratios

50. 15-50
Illustration: Kellogg Company reported total liabilities of $8,925
million, total assets of $11,200 million, interest expense of $295
million, income taxes of $476 million, and net income of $1,208
million.
LO 4
Illustration 15-16
Times interest earned
Times interest earned indicates the company’s ability to meet
interest payments as they come due.
Use of Ratios

51. 15-51
Debt and Equity Financing
Illustration 15-17
Advantages of bond financing
over common stock
LO 4

52. 15-52
Illustration: Microsystems, Inc. is considering two plans for financing the
construction of a new $5 million plant. It is considering two alternatives for
raising an additional $5 million: Plan A involves issuing 200,000 shares of
common stock at the current market price of $25 per share. Plan B involves
issuing $5 million of 8% bonds at face value. Income before interest and
taxes will be $1.5 million; income taxes are expected to be 30%.
Debt and Equity Financing
Illustration 15-18

53. 15-53
A lease is a contractual arrangement between a lessor (owner
of the property) and a lessee (renter of the property).
Illustration 15-19
Lease Liabilities and Off-Balance-Sheet
Financing
LO 4

54. 15-54
Illustration: Candlestick, Inc., sold $100,000, five-year, 10%
bonds on January 1, 2017, for $98,000 (discount of $2,000).
Interest is payable on January 1.
Illustration 15C-2
Amortizing Bond Discount
LEARNING
OBJECTIVE
APPENDIX 15A: Apply the straight-line method of
amortizing bond discount and bond premium.
5
Illustration 15A-2
Bond discount amortization schedule LO 5

55. 15-55
Illustration: Candlestick, Inc., sold $100,000, five-year, 10%
bonds on January 1, 2017, for $98,000 (discount of $2,000).
Interest is payable on January 1. The bond discount amortization
for each interest period is $400 ($2,000 ÷ 5).
Journal entry to record the first accrual of bond interest and the
amortization of bond discount on December 31 as follows.
Interest Expense 10,400
Interest Payable 10,000
Discount on Bonds Payable 400
Dec. 31
Amortizing Bond Discount
LO 5

56. 15-56
Illustration: Candlestick, Inc., sold $100,000, five-year, 10%
bonds on January 1, 2017, for $102,000 (premium of $2,000).
Interest is payable on January 1.
Amortizing Bond Premium
Illustration 15A-4
Bond premium amortization
schedule
LO 5

57. 15-57
Illustration: Candlestick, Inc., sold $100,000, five-year, 10%
bonds on January 1, 2017, for $102,000 (premium of $2,000.
Interest is payable on January 1. The bond premium amortization
for each interest period is $400 ($2,000 ÷ 5).
Candlestick records the first accrual of interest on December 31
as follows.
Interest Expense 9,600
Interest Payable 10,000
Premium on Bonds Payable 400
Dec. 31
Amortizing Bond Premium
LO 5

58. 15-58
Under the effective-interest method, the amortization of bond
discount or bond premium results in period interest expense
equal to a constant percentage of the carrying value of the
bonds.
Required steps:
1. Compute the bond interest expense.
2. Compute the bond interest paid or accrued.
3. Compute the amortization amount.
LEARNING
OBJECTIVE
APPENDIX 15B: Apply the effective-interest method of
amortizing bond discount and bond premium.
6
LO 6

59. 15-59
Required steps:
1. Compute the bond interest expense.
2. Compute the bond interest paid or accrued.
3. Compute the amortization amount.
Effective-Interest Method
Illustration 15B-1
Computation of amortization
using effective-interest method
LO 6

60. 15-60
Illustration: Candlestick, Inc. issues $100,000 of 10%, five-year
bonds on January 1, 2017, for $98,000, with interest payable each
January 1. This results in a discount of $2,000.
Illustration 15B-2
Amortizing Bond Discount
Effective-Interest Method
Illustration 15B-2
Bond discount amortization schedule
LO 6

61. 15-61
Candlestick, Inc. records the accrual of interest and amortization
of bond discount on December 31 as follows.
Interest Expense 10,324
Interest Payable 10,000
Discount on Bonds Payable 324
Dec. 31
Amortizing Bond Discount Illustration 15B-2
Bond discount
amortization schedule
LO 6

62. 15-62
For the second interest period, at December 31, Candlestick
makes the following adjusting entry.
Interest Expense 10,358
Interest Payable 10,000
Discount on Bonds Payable 358
Amortizing Bond Discount
LO 6
Illustration 15B-2
Bond discount
amortization schedule
Dec. 31

63. 15-63
Illustration: Candlestick, Inc. issues $100,000 of 10%, five-year
bonds on January 1, 2017, for $102,000, with interest payable
January 1. This results in a premium of $2,000.
Amortizing Bond Premium
Illustration 15B-4
Bond premium amortization
schedule
LO 6

64. 15-64
Interest Expense 9,669
Interest Payable 10,000
Premium on Bonds Payable 331
Dec. 31
The entry Candlestick makes on December 31 is:
Amortizing Bond Premium Illustration 15B-4
Bond premium amortization
schedule
LO 6

65. 15-65
Similarities
 IFRS requires that companies classify liabilities as current or
noncurrent on the face of the statement of financial position (balance
sheet), except in industries where a presentation based on liquidity
would be considered to provide more useful information (such as
financial institutions). When current liabilities (also called short-term
liabilities) are presented, they are generally presented in order of
liquidity.
Key Points
LEARNING
OBJECTIVE
Compare the accounting for long-term liabilities
under GAAP and IFRS.
7
LO 7
A Look at IFRS

66. 15-66
 Under IFRS, liabilities are classified as current if they are expected
to be paid within 12 months.
 Similar to GAAP, items are normally reported in order of liquidity.
Companies sometimes show liabilities before assets. Also, they will
sometimes show long-term liabilities before current liabilities.
 The basic calculation for bond valuation is the same under GAAP
and IFRS. In addition, the accounting for bond liability transactions is
essentially the same between GAAP and IFRS.
Key Points
LO 7
A Look at IFRS

67. 15-67
 IFRS requires use of the effective-interest method for amortization
of bond discounts and premiums. GAAP allows use of the
straight-line method where the difference is not material. Under
IFRS, companies do not use a premium or discount account but
instead show the bond at its net amount. For example, if a
$100,000 bond was issued at 97, under IFRS a company would
record:
Cash 97,000
Bonds Payable 97,000
Key Points
LO 7
A Look at IFRS

68. 15-68
Differences
 The accounting for convertible bonds differs across IFRS and
GAAP, Unlike GAAP, IFRS splits the proceeds from the
convertible bond between an equity component and a debt
component. The equity conversion rights are reported in equity.
Key Points
LO 7
A Look at IFRS

69. 15-69
Differences
 The IFRS leasing standard is IAS 17. Both Boards share the
same objective of recording leases by lessees and lessors
according to their economic substance—that is, according to the
definitions of assets and liabilities. However, GAAP for leases is
much more “rules-based” with specific bright-line criteria (such as
the “90% of fair value” test) to determine if a lease arrangement
transfers the risks and rewards of ownership; IFRS is more
conceptual in its provisions. Rather than a 90% cut-off, it asks
whether the agreement transfers substantially all of the risks and
rewards associated with ownership.
Key Points
LO 7
A Look at IFRS

70. 15-70
The FASB and IASB are currently involved in two projects, each of which
has implications for the accounting for liabilities. One project is
investigating approaches to differentiate between debt and equity
instruments. The other project, the elements phase of the conceptual
framework project, will evaluate the definitions of the fundamental
building blocks of accounting. In addition to these projects, the FASB and
IASB have also identified leasing as one of the most problematic areas of
accounting. One of the first areas studied is, “What are the assets and
liabilities to be recognized related to a lease contract?” Should the focus
remain on the leased item or the right to use the leased item? This
question is tied to the Boards’ joint project on the conceptual framework—
defining an “asset” and a “liability.”
Looking to the Future
LO 7
A Look at IFRS

71. 15-71
The accounting for bonds payable is:
a) essentially the same under IFRS and GAAP.
b) differs in that GAAP requires use of the straight-line method
for amortization of bond premium and discount.
c) the same except that market prices may be different
because the present value calculations are different
between IFRS and GAAP.
d) not covered by IFRS.
IFRS Self-Test Questions
LO 7
A Look at IFRS

72. 15-72
The leasing standards employed by IFRS:
a) rely more heavily on interpretation of the conceptual
meaning of assets and liabilities than GAAP.
b) are more “rules based” than those of GAAP.
c) employ the same “bright-line test” as GAAP.
d) are identical to those of GAAP.
IFRS Self-Test Questions
LO 7
A Look at IFRS

73. 15-73
The joint projects of the FASB and IASB could potentially:
a) change the definition of liabilities.
b) change the definition of equity.
c) change the definition of assets.
d) All of the above.
IFRS Self-Test Questions
LO 7
A Look at IFRS

74. 15-74
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