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Bond Issuing
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.
Requirement:
Problem a. Prepare the journal entry, or entries to record the issuance of the bonds and the bond issue costs.
Problem b. Prepare the journal entry to record the interest payment at 30 Jun 2015 (include the amortization the discounts and deferred bond issue cost).
Problem c. BAS retired the bonds at 31 Dec 2020. Please prepare the journal entries to record: ~ interest payment at 31 Dec 2020, same with b.
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