The adjusted trial balance for Payne Corporation at the end of 2017 contained the following accounts:

Bonds payable, 10%, due 2020.............................................. $600,000

Bond interest payable............................................................. 20,000

Discount on bonds payable .................................................... 40,000

Lease liability(long-term) ...................................................... 60,000

Mortgage notes payable, 9%, due 2019 ................................. 80,000

Accounts payable ................................................................... 120,000

Notes payable, due 2018 ........................................................ 50,000

Notes payable, due 2020 ........................................................ 10,000

Prepare the long-term liabilities section of the balance sheet.

Answer rating: 100% (QA)

Longterm liabilities section A 1 2 Longterm Liabilities 3 Bond... View the full answer