Bond Interest Period- Cash Interest Discount Carrying Value End Paid Expense Amortization $ 283,294,720 01/01/2021 16,997,683 $ $ 997,683 06/30/2021 16,000,000 284,292,403 17,057,544 12/31/2021 16,000,000 1,057,544 285,349,947 32,000,000 $ 34,055,227 Total Balance sheet: Net liability $ 285,349,947 Income statement: Interest expense 34,055,227 Statement of cash flows: Operating Investing Financing %24
Myriad Solutions, Inc. issued 10% bonds, dated January 1, with a face amount of $320 million on January 1, 2021, for $283,294,720. 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.
Indicate the amounts reported on the financial statements below for the year ending December 31, 2021 (Any outflow of cash should be indicated by a minus sign. Round your answers to the nearest whole dollar.)
I was able to to calculate the correct amounts but I am having troubling knowing where to place what on the financial statements.
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