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On January 1, 2020, The Freedom Company purchased a $5 million face value bond that pays interest at 6% when the market yield for bonds of equivalent risk and maturity was 7%. 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, 2020 ? (5 marks) b. On December 31,2020 , the market yield for bonds of equivalent risk and maturity is 6%. What would be the market value of this bond on December 312020 , immediately after the coupon payment on that date? (5 marks) c. For each of three scenarios: (i) amortized cost, (ii) FVOCI, and (iii) FVPL: What would be the balance sheet value of this bond be on December 31, 2020? ( 6 marks) How much income would be reported in profit or loss in 2020 for this bond? ( 6 marks)