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E16-26. Please show all workings clearly.
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- On January 1, 2025, Ariana Corporation issued its 8%, 5-year convertible debtinstrument with a face amount of P8,000,000 for P7,700,000. Interest is payableevery December 31 each year. The debt instrument is convertible into 50,000ordinary shares with a par value of P100. When the debt instrument were issued, thebonds without the conversion option were sold for P7,393,312 yielding 10%. OnDecember 31, 2027, P6,400,000 of the convertible debt instrument were converted.How much is the gain or loss on conversion taken to profit or loss for the year 2027?2. On January 1, 2020, ABC Corporation issued P5,000,000, 12%, convertible bonds. The privilege allows the holder the right to convert the liability instrument into 25 ordinary shares with P25 par value for every P1000 convertible bond, with minimum cash out of P2 per share. The quoted market price of the bonds including the conversion feature cannot be determined reliably on this date but the effective interest rate of these instruments with the privilege is 10%. It requires payment of interest every January 1 starting 2021 until its maturity on January 1, 2028. The quoted price of the bonds ex – privilege cannot be determined reliably as well, however; the market interest rate of the bonds ex-privilege is 13% at the date of issue. Determine the amount to be allocated to the equity component out of the proceeds of the entire issue. (Use 4-decimal PVF and round off final answer to whole number)1. On January 1, 2025, Ariana Corporation issued its 8%, 5-year convertible debt instrument with a face amount of P8,000,000 for P7,700,000. Interest is payable every December 31 each year. The debt instrument is convertible into 50,000 ordinary shares with a par value of P100. When the debt instrument were issued, the bonds without the conversion option were sold for P7,393,312 yielding 10%. On December 31, 2027, P6,400,000 of the convertible debt instrument were converted. How much is the gain or loss on conversion taken to profit or loss for the year 2027? With solution po :)) Thank you, dear tutor/s!❤️
- On December 31, 2021, Glimmer Company had outstanding P3,000,000 8% convertible bonds that mature on December 31, 2023. Interest is payable annually every December 31 and each P1,000 bond is convertible into 30 ordinary shares with a P20 par value per share. The unamortized discount was P200,000 and the equity component when the bonds were sold was P700,000. On the same date, 1,200 bonds were converted when the fair value of Glimmer’s share was P40. What amount of share premium should Glimmer recognize as a result of the conversion?Smart Inc. issued P7,500,000 face amount of 12% convertible bonds at 110 on January 1, 2020, maturing on January 1, 2024 and paying interest semi-annually on January 1 and July 1. It is estimated that the bonds would sell only at 105 without the conversion feature. Each P1,000 bond is convertible into 10 ordinary shares with P100 par value. What is the increase in shareholders' equity arising from the original issuance of the convertible bonds? a. Zerob. P 150,000c. P 375,000d. P 750,000On January 1 , 2021, Gray Co. issued its 10%, 4-year convertible debt instrument with a face amount of P 4,000,000 for P 4,400,000. Interest is payable every Dec. 31 of year year. The debt instrument is convertible into 35,000 ordinary shares with a par value of P 100. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 8%. PV of 8% for an ordinary annuity of P 1 after 4 years 3.312 PV of 8 % after 4 interest periods. .735 What is the balance of the unamortized premium on debt instrument as of Dec. 31, 2021?
- On January 1 , 2021, Gray Co. issued its 10%, 4-year convertible debt instrument with a face amount of P 4,000,000 for P 4,400,000. Interest is payable every Dec. 31 of year year. The debt instrument is convertible into 35,000 ordinary shares with a par value of P 100. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 8%. PV of 8% for an ordinary annuity of P 1 after 4 years 3.312 PV of 8 % after 4 interest periods. .735 How much of the total proceeds represent the equity component?On January 1, 2023, ACT Company issued 1,000 of its 10%, 5-year, P 5,000 face value convertible bonds at 110. Each P 5,000 bond is convertible into 10 shares of P 100 par value ordinary shares on the date of maturity. Without the conversion feature, the bonds can be sold at 105. 1. What if before maturity date, bond conversion privilege is fully exercised? Provide the journal entries for each problems and assumptions7. On January 1, 2020, Shredder Company Issued its 10%, 4-year convertible debt instrument with a face amount of P3,000,000 for P3,500,000. Interest is payable every December 31 of each year. The debt instrument is convertible into 30,000 ordinary shares with a par value of P100. The debt instrument is convertible into equity from the time of issue until maturity. When debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 8%. PV of 8% for an ordinary annuity of P1 after 4 periods 3.3121268PV of 8% after 4 interest periods .7350298 On December 31, 2022, Shredder Company converted all the debt instruments by issuing 30,000 ordinary shares. 1. What is the carrying value of the compound instruments as of December 31, 2022?2. What is the amount of interest expense should the company report in the Dec. 31, 2021 profit or loss?
- Florence Inc. issued 8,000, 5-year convertible bonds of $2,000 each for $4,000,000 at the beginning of 2021. The bonds have a stated rate of interest of 9% and interest is payable annually. Each bond can be convertible into 100 shares with a par value of $10. The market rate of similar nonconvertible debt is 10%. Determine the fair value of the equity component using the “with-and-without” method is a. $3,848,288 b. $2,483,600 c. $1,365,688 d. $151,712Computalog Inc. showed the following on its December 31, 2023, balance sheet: Bonds payable, convertible $ 4,040,000 Less: Unamortized discount 14,544 $ 4,025,456 Required: 1. Assuming the bonds are convertible into 404,000 common shares, journalize the conversion on January 1, 2024, when the market value per common share was $10.25. 2. How will the conversion of bonds into common shares affect the elements of the balance sheet (assets, liabilities, equity)?On 1 July 2022, SFU Co issued a convertible bond at par value of $20 million and has recordedit as a non-current liability. The bond is redeemable for cash on 30 June 2024 at par. Bondholderscan however, opt for the conversion in the form of a fixed number of shares. Interest on the bondis payable at a rate of 4% a year in arrears. The interest paid in the year has been presented asfinance cost. The interest rate on similar debt without a conversion option is 10%, with a presentvalue of $17,91 million at 1 July 2022. Discuss how the convertible bonds should be accounted for during the 2023 financialperiod. Please also show the calculations for my understanding
