Disclosure of Serial Bonds Payable On May 1, 2007 the Ramden Company issues 13% serial bonds with a face value of $2 million. The bond contract calls for retirement of the bonds in periodic instalments of $200,000, starting on May 1, 2008 and continuing on each May 1 thereafter until all bonds are retired.

Required:- How would the preceding information appear in the Ramden Company's balance sheets on December 31, 2007 and 2008?

DO NOT COPY FROM CHEGG I NEED A FULL EXPLANATION