Question: Presented below are long-term liability items for Molini Company at December 31, 2010. Prepare the long-term liabilities section of the balance sheet for Molini Company.

Presented below are long-term liability items for Molini Company at December 31, 2010. Prepare the long-term liabilities section of the balance sheet for Molini Company.

Bonds payable, due 2012 ... $500,000

Lease liability ....... 70,000

Notes payable, due 2015 ... 80,000

Discount on bonds payable .. 45,000

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