An analyst does research about financing liabilities. A company with no prior debt outstanding has issued a fixed-coupon bond with a coupon rate more than the market rate at issuance. The coupon payment is:
A. less than the interest expense reported on the issuer's income statement.
B. equal to the interest expense reported on the issuer's income statement.
C. greater than the interest expense reported on the issuer's income statement.
参考答案：C
解析： 企业发行的债券息票率(coupon rate)大于市场利率(market rate)，所以该债券是溢价发行，所支付的利息大于记录在利润表上的利息费用。利息费用的计算方式如下：
interest expense=market rate at issuance×balance sheet value of liability at the beginning of period。
这里要注意两点：(1)market rate一定是以债券发行时的市场利率来计算，而不是现行的市场利率；(2)balance sheet value of liability at the beginning of period就是每一期期初债券的净值。
Premium bond(溢价发行)：interest expense＜coupon payment；
Discount bond(折价发行)：lnterest expense＞coupon payment。