The adjusted trial balance for Ray Corporation at July 31, 2024, the corporation’s fiscal year end, contained the following: 

Accounts payable ........................................................$ 96,000 

Lease liability ................................................................$ 65,000
Accounts receivable .....................................................112,000 

Notes payable ............................................................ ..140,000
Bonds payable, due 2028 ........................................... 205,000 

Note receivable, due December 2024......................... 35,000
Interest payable 5,000 Unearned revenue .................10,000

Of the lease liability amount, $16,250 is due within the next year. Total payments on the note payable in the fiscal year 2025 will be $27,000: $7,000 is for interest and $20,000 for principal repayments. 

Instructions 

a. Prepare the non-current liabilities section of the balance sheet as at July 31, 2024. 

b. Some of the accounts above belong in the balance sheet but not in its non-current liabilities section.