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Bond Liability: Todd Corporation Example

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On Dec 31, Year 1, Todd Corporation issued 500 of its 10%, $1000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On Dec 31, Year 1 balance sheet, Todd should report the bond liability at:

A 500,000
B 510,000
C 515,000
D 525,000

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Explains how to calculate the bond liability of Todd Corp.

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Under IFRS the bond issue costs are deducted from the issue ...

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