The adjusted trial balance for Olde Farm Corporation at the end of the current year contained the

Question:

The adjusted trial balance for Olde Farm at the end of the current year contained the following accounts.
Interest Payable........... $ 9,000
Lease Liability..............89,500
Bonds Payable, due 2017....... 180,000
Premium on Bonds Payable........ 32,000
Instructions
Prepare the long-term liabilities section of the balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...