(Learning Objective 5: Reporting liabilities, including capital lease obligations) Trinidad Industries has the following selected accounts at December 31, 20X7:
|
Bonds payable |
7,000 |
|
Equipment |
44,000 |
|
Current portion of bonds payable |
10,000 |
|
Notes payable, long term |
31,000 |
|
Interest payable (due March 1, 20X8) |
$300,000 |
|
Accounts payable |
114,000 |
|
Discount on bonds payable (all long term) |
50,000 |
|
Accounts receivable |
60,000 |
Prepare the liabilities section of Trinidad’s balance sheet at December 31, 20X7, to show how Trinidad would report these items.