65) 65) At December 31, 2018, Micro Instruments owes $47,000 on Accounts Payable. The balance of Salaries Payable is $14,000 and the balance of Income Tax Payable is $8.000. Micro also has $250,000 of Bonds Payable that were issued at face value. These bonds require payment of a $25,000 Installment next year and payment of the remainder in later years. The bonds payable require an annual interest payment of $7,500. Micro still owes this for the current year. Requirement: Report Micro Instruments' liabilities on its classified balance sheet on December 31, 2018. TRUFFALSE Writo 'T' if the totomont in and if the totamontie falso 64) 64) Analyze the following independent situations. Required: For each situation, state the likelihood of a future event and state how the contingency will be reported. a. Company A estimates it will have to pay $85,000 in warranty repairs next year. b. Company B is being sued by a customer. Company B's attorneys feel that this is a frivolous lawsuit and there is very little chance that the customer will win. C. Company C Co-signed a note payable for Company D. Company D is having serious financial problems and it is reasonably possible that Company C will have to pay the note. 1. Company E is being sued for a patent infringement. Company E's attorney feels that Company E will be found liable for damages caused by the patent infringement. However, the attorney states it is not possible to estimate the amount of the award. 63) 63) On May 18, 2018, Fran Co. invested excess cash of $50,000 by purchasing bonds of Hans Inc. At year-end, December 31, 2018, the market price of the bonds was $52,000. The investment is categorized as a trading debt investment. Journalize the adjusting entry needed at December 31, 2018. Omit explanation