Bonds Issued at Par with Accrued Interest Journal Entry Examples, Concepts, Illustrations, Sample Help Online
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Understanding the concept of Bonds Issued at Par with Accrued Interest
Bonds issued at par, it means when a bond is first issued it is sold at par that is the face value of the bond. Sometimes bond prices include accrued interest that is the interest earned between coupon payment dates. suppose a company issues bond on January 1 at its par value plus accrued interest then the company will receive 100% of the bond’s face value plus one month of accrued interest.
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Bonds Issued at Par with Accrued Interest Journal Entry Examples Explanation
The concept can be better understood with help of an example.
Example: a company issued a 9% $1000000 bond on January 1, 2014. The bond will mature in 5years and interest is required to be paid on June 30 and Dec 31 till the date of maturity. The bond is issued on Feb at par plus accrued interest.
The accrued interest amounts to $750 ($1000000 x (% x ½). The issuing company will receive $100750. The journal entry will be as follows
Cash Dr. $100750
To Bonds Payable $1000000
To Interest Payable $750
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