Craig Corporation’s accounting records reveal the following account balances after adjusting entries are made on December 31, 2008:
Accounts payable ………………………………………………………..$ 73,000
Bonds payable (9.4%, due in 2013) ……………………………………… 900,000
Capital lease liability* …………………………………………………… 30,000
Bonds payable (8.3%, due in 2012) ……………………………………… 60,000
Deferred tax liability* …………………………………………………… 127,600
Discount on bonds payable (9.4%, due in 2013) ………………………… 11,900
Income taxes payable ……………………………………………………. 28,100
Interest payable ………………………………………………………….. 33,400
Installment note payable (9%, equal installments due 2009 to 2015) …… 110,000
Notes payable (7.8%, due in 2017) ………………………………………. 350,000
Premium on notes payable (7.8%, due in 2017) …………………………. 5,000
Zero coupon note payable, $50,000 face amount, due in 2019 ………….. 29,800
* Long-term liability
Required:
Prepare the current liabilities and long-term-debt portions of Craig’s balance sheet at December 31, 2008. Provide a separate line item for each issue (i.e., do not combine separate bonds or notes payable), but some items may need to be split into more than one item.