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Constantin Corporation is preparing its December 31, 2017, balance sheet. The following items may be reported as either a current or long-term liability. 1. On
Constantin Corporation is preparing its December 31, 2017, balance sheet. The following items may be reported as either a current or long-term liability.
1. | On December 15, 2017, Constantin declared a cash dividend of $ 5.00per share to stockholders of record on December 31. The dividend is payable on January 15, 2018. Constantin has issued 1,000,000shares of common stock, of which50,000shares are held in treasury. | |
2. | At December 31, bonds payable of $ 200,000,000are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $ 50,000,000every September 30, beginning September 30, 2018. | |
3. | At December 31, 2016, customer advances were $ 24,000,000. During 2017, Constantin collected $ 60,000,000of customer advances, and advances of $ 50,000,000 were earned. |
For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.
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