Question: Presented below are long-term liability items for Suarez Company at December 31, 2014. Prepare the long-term liabilities section of the balance sheet for Suarez Company.

Presented below are long-term liability items for Suarez Company at December 31, 2014. Prepare the long-term liabilities section of the balance sheet for Suarez Company.

Bonds payable, due 2016 .........$500,000

Lease liability ................................. 60,000

Notes payable, due 2019 ............. 80,000

Discount on bonds payable ........ 42,000

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