Question

Presented below are long-term liability items for Lind Company at December 31, 2019.Bonds payable, due 2017 ………….. $600,000Notes payable, due 2020 ………….. 80,000Discount on bonds payable ……….. 45,000Prepare the long-term liabilities section of the balance sheet for Lind Company.

Answer 1

Answer and Explanation:

Long-term Liabilities

Bonds Payable $600,000

Less:

Discount on bonds payable $45,000 $555,000

Notes payable $80,000

Total Long-term Liabilities $635,000