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