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On January 1, 2021, The Freedom Company purchased a $7 million face value bond that pays interest at 8% when the market yield for bonds of equivalent risk and maturity was 9%. Interest is payable annually on December 31. The bond matures on December 31, 2025. Required: a) How much did The Freedom Company pay for this bond on January 1, 2021? b) On December 31, 2021, the market yield for bonds of equivalent risk and maturity is 8%. What would be the market value of this bond on December 31 2021, immediately after the coupon payment on that date? c) For each of three scenarios: (1) amortized cost, (ii) FVOCI, and (iii) FVPL: What would be the balance sheet value of this bond be on December 31, 2021? ii How much income would be reported in profit or loss in 2021 for this bond