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Presented here are long-term liability items for Metlock, Inc. at December 31, 2017.
Bonds payable (due 2021) $720,000
Notes payable (due 2019) 85,000
Discount on bonds payable 26,000
Prepare the long-term liabilities section of the balance sheet for Metlock, Inc.

Respuesta :

Answer:

Explanation:

The preparation of the long-term liabilities section of the balance sheet for Metlock, Inc is shown below:

                                                    Metlock, Inc

                                       Long-term liabilities section

                                            December 31, 2017

Long-term liabilities

Bond payable                                      $720,000

Less: Discount on bonds payable      -$26,000        $694,000

Notes payable                                                              $85,000

Total Long-term liabilities                                           $779,000

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