A company is preparing its balance sheet at December $31.$ The following items are under consideration. For each item, determine the amount$($s$)$ to be recognized on the balance sheet and classify each amount as one of the following: $($a$)$ current assets, $($b$)$ investments, $($c$)$ property, plant, and equipment, $($d$)$ other assets, $($e$)$ current liabilities, or $($f$)$ long$-$term liabilities. More than one amount may be recognized for an item.

$1)$ Note payable of $$112,000$ originating on December $31$ of this year. This long$-$term note will be paid in installments. The first installment of $$14,000$ is to be paid August $1$ of next year.

e

$14,000$

Answer $1$

f

$98,000$

Answer $2$

$2)$ Bonds payable balance is $$280,000$ at December $31$ of this year. Annual $5\%$ interest on the bond is paid on January $1$ of next year.

f

$280,000$

Answer $3$

e

$14,000$

Answer $4$

$3)$ Bond sinking fund balance is $$56,000$; this fund is being accumulated to retire bonds at maturity.

b

$56,000$

Answer $5$

$4)$ Rent paid in advance for the first quarter of next year on a short$-$term lease is $$8,400.$

a

$8,400$

Answer $6$

$5)$ Accounts payable of $$19,600$ is due to suppliers in credit periods ranging from $30$ to $60$ days.

e

$19,600$

Answer $7$

$6)$ A $3-$year, $8\%,$ $$56,000$ note payable to bank originated on November $1$ of this year and requires quarterly interest payments.

$$ Note: Round your answer to the nearest whole dollar.

e

Answer $8$

f

$0$

Answer $9$

$7)$ Year$-$end bonuses, based upon current year reported net income, are estimated to be $$42,000$ and are payable March $15$ of next year.