Reporting Long-Term Debt}

Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2018:

\section*{Required:}
Prepare the current liabilities and long-term debt portions of Fridley's statement of financial position at December 31, 2018. Provide a separate line item for each issue (do not combine separate bonds or notes payable), but some items may need to be split into more than one item.
\section*{Problem

Transcribed Image Text:

Accounts payable Bonds payable (9.4%, due in 2025) $ 62,500 800,000 Lease liability* 41,500 Bonds payable (8.7%, due in 2021) 50,000 Interest payable Installment note payable (8%, equal installments due 2019 to 2022) Notes payable (7.8%, due in 2023) $ 38,700 120,000 400,000 Deferred tax liability* 133,400 Premium on notes payable (7.8%, due in Discount on bonds payable (9.4%, 2023) 6,100 due in 2025) 12,600 Note payable, 4% $50,000 face amount, Income tax payable 26,900 due in 2024 (net of discount) 31,900