Question

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Myriad Solutions, Inc. issued 10% bonds, dated January 1, with a face amount of $340 million on January 1, 2021, for $301,000,640. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Required: Complete the table below to calculate the amounts related to the bonds that Myriad would report in its financial statements. Indicate the amounts reported on the financial statements below for the year ending December 31, 2021. Complete this question by entering your answers in the tabs below. Calculation Financial Statements Complete the table below to calculate the amounts related to the bonds that Myriad would report in its financial statements. (Round your answers to the nearest whole dollar) Period-End Cash Interest Pald Bond Interest Expense Discount Amortization Carrying Value 01/01/2021 06/30/2021 12/31/2021 Total Financial Statements >

Answer 1

Amortization Sechedule Bond Cash Interest interet discount Date Paid Expenses Amortised 01-01-2021 06/30/2021 17000000 18060038 1060038 12/31/2021 17000000 18123641 1123641 Totals 34000000 36183679 Cash Paid = 340000000*10%*6/12 17000000 Interest Expenses = 301000640*12%*6/12 18060038 302060678*12%*6/12 18123641 Carrying Value 301000640 302060678 303184319 303184319 36183679 Balance Sheet Net Liability Income Statement Interest Expenses Cash Flow Statement Operating Investing Financing 34000000 301000640