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Exercise 14-5 (Algo) Bonds; issuance; effective interest; financial statement effects [LO14-2] Myriad Solutions, Incorporated issued 10% bonds, dated January 1, with a face amount of
Exercise 14-5 (Algo) Bonds; issuance; effective interest; financial statement effects [LO14-2] Myriad Solutions, Incorporated issued 10% bonds, dated January 1, with a face amount of $450 million on January 1, 2024, for $398,383,200. - The bonds mature on December 31, 2033 (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: 1. What would be the net amount of the liability Myriad would report in its balance sheet at December 31, 2024 ? 2. What would be the amount related to the bonds that Myriad would report in its income statement for the year ended December 31,2024 ? 3. What would be the amount(s) related to the bonds that Myriad would report in its statement of cash flows for the year ended December 31, 2024? Note: Round your answers to the nearest whole dollar
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