The chief accounting officer of Platt Productions Ltd. is considering how to report long term notes. The

Question:

The chief accounting officer of Platt Productions Ltd. is considering how to report long term notes. The company's financial accountant has assembled the following for long-term notes payable:
Note 5: Long-Term Debt
Total ....................................................................................................... $2,400,000
Less: Current portion .................................................................................. 300,000
Less: Unamortized discount ......................................................................... 12,000
Long-term debt ...................................................................................... $2,088,000
None of the unamortized discount relates to the current portion of long-term debt. Show how Platt Productions Ltd.'s would report these liabilities.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...