Question: Presented below are long-term liability items for Suarez Company on December 31, 2014. |Bonds payable, due 2016| $500,000 |Lease liability| 60,000 |Notes payable, due 2019|

Presented below are long-term liability items for Suarez Company on December 31, 2014.

|Bonds payable, due 2016| $500,000

|Lease liability| 60,000

|Notes payable, due 2019| 80,000

|Discount on bonds payable| 42,000

Prepare the long-term liabilities section of the balance sheet for Suarez Company.

Do not copy from Chegg and give complete answer with explanation

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