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Myriad Solutions, Incorporated issued 12% bonds, dated January 1, with a face amount of $330...

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Accounting

Myriad Solutions, Incorporated issued 12% bonds, dated January 1, with a face amount of $330 million on January 1, 2024, for $295,039,998. The bonds mature on December 31, 2033 (10 years). For bonds of similar risk and maturity the market yield is 14%. Interest is paid semiannually on June 30 and December 31. Required:

What would be the net amount of the liability Myriad would report in its balance sheet at December 31, 2024? What would be the amount related to the bonds that Myriad would report in its income statement for the year ended December 31, 2024?

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.

1. Net liability reported $_____________

2. Interest expense $_____________

3. Amount reported in statement of cash flows :

$_295,039,998___ Financing Activities

$_____________Operating Activities

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