At December 31, 2009, Treasure Land Corporation has the following account balances. Bonds payable, due January 1,

Question:

At December 31, 2009, Treasure Land has the following account balances.
Bonds payable, due January 1, 2017 ....... $2,000,000
Discount on bonds payable ............ 98,000
Bond interest payable ............... 80,000

Show how the above accounts should be presented on the December 31, 2009, balance sheet, including the proper classifications.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...