3 Myriad Solutions, Inc., issued 10% bonds, dated January 1, with a face amount

Question

3 Myriad Solutions, Inc., issued 10% bonds, dated January 1, with a face amount of $520 million on January 1, 2018, for S460 353,920. The bonds mature on December 31, 2027(10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31. 10 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, 2018. Complete this question by entering your answers in the tabs below. Financial Statement 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.) Bond Interest Di Amortization Carrying Value 01/01/2018 06/30/2018 12/31/2018 Financial Statement>

Explanation / Answer

1 Period end Cash Interest Paid Bond Interest Expense DiscountAmortization Carrying Value 1/1/2018          460,353,920 6/30/2018                26,000,000                          27,621,235                           1,621,235          461,975,155 12/31/2018                26,000,000                          27,718,509                           1,718,509          463,693,665 Total                52,000,000                          55,339,745 Balance sheet: Net liability              463,693,665 Income statement: Interest expense                55,339,745 Statement of cash flows: Operating              (52,000,000) Investing - Financing              460,353,920

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