A recent Walt Disney annual report contained the following note: Required: 1. Describe how this bond would
Question:
A recent Walt Disney annual report contained the following note:
Required: 1. Describe how this bond would be reported on the balance sheet. 2. Explain why management borrowed money in this manner.
Transcribed Image Text:
The Company issued Yen 100 billion (approximately $920 million) of Japanese yen bonds through a public offering in Japan. The bonds are senior, unsecured debt obligations of the Company. Interest on the bonds is payable semi-annually at a fixed interest rate of 5% per year through maturity. The bonds provide for principal payments in dollars and interest payments in Japanese yen.
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