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Myriad Solutions, Inc., issued 10% bonds, dated January 1, with a face amount of $320 million on January 1, 2013 for $283,294,720. The bonds mature on December 31, 2022 (10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31.
1. What would be the net amount of the liability Myriad would report in its balance sheet at December 31, 2013?
2. What would be the amount related to the bonds that Myriad would report in its income statement for the year ended December 31, 2013?
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, 2013?
American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2013. In payment for the $4 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%.
1. Prepare the journal entry for American Food Services’ purchase of the machine on January 1, 2013.
2. Prepare an amortization schedule for the four-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2013.
4. Prepare the journal entry for the third installment payment on December 31, 2015.
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