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PT. Bahana Agung Sejahtera (BAS) is a large national manufacturer of packaged instant food in Indonesia. This company was growing tremendously big in the last six years, it was almost 50 times. Therefore, to finance its expansion, on January 1, 2015, BAS issued Rp400 billion of 8-year bonds at 99 (99% of the face value). The stated annual interest rate is 10% and interest (coupon) is paid on June 30 and December 31. The bond costs were Rp6.20 billion. The bonds are callable at 103 plus accrued interest (a callable bond is a bond that can be recalled/ be paidback by the issuer before the maturation date, in this case before 8-year). BAS uses the straight-line method to amortize bond discounts and premiums.
After evaluated the cost of fund, PT. Bahana Agung Sejahtera (BAS), the same company in question no.1, decided to issue 2,000 shares of Rp200 million par value common stock at price of Rp210 mil per share, on October 1, 2020.
Requirement:
Question a. Prepare the journal entry for that stock issued on Oct 1, 2020
Question b. Did this transaction give BAS a sufficient cash for the Callable Bond redemption in questions 1.
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