Presented below are long-term liability items for Lind Company at December 31, 2020. Prepare the long-term liabilities

Question:

Presented below are long-term liability items for Lind Company at December 31, 2020. Prepare the long-term liabilities section of the balance sheet for Lind Company.
Bonds payable, due 2022 ........$600,000
Lease liability .................................70,000
Notes payable, due 2025 ..............80,000
Discount on bonds payable .........45,000

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...

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