Discuss what balance sheet. Other accrued liabilities-interest (Note: This is an analytical assignment involving the interpretation of financial statement disclosures.) A review of the accounting records at Corless Co. revealed the following information concerning the company's liabilities that were outstanding at December 31, 2020 and 2019, respectively: Debt (Thousands) 2020 Year-End Interest Rate 2019 Year-End Interest Rate Short-term debt: Working capital loans .................. $500 8% $380 7% Current maturities of long-term debt ........ Long-term debt: 160 6% 160 6% Debenture bonds due in 2037 dots...dots dots.... Serial bonds due in equal annual 800 9% 800 9% installments ......... 480 6% 640 6% Required: a. Corless Co. has not yet made an adjustmen

Financial Accounting the horizontal model (or write the journal entry) to record the effect of the 2fi interest accrual for working capital loans. Note that the dollar amount and interest rate of the current maturities of long.ten debt have not chan owed at the end of 2019 sill 2019 to 2020. Does this ment 2020? (H) Explain your answer with 2019 still has not been paid as of Assume that the debenture bonds were originally issued at their face amount However, the market rate of interest for bonds of similar risk has decreased nificantly in recent years and is 7% at December 31,2020 . If the debenturet were both callable by Corless Co. and convertible by its bondholders, which event is more likely to occur? Explain your answer. Assume the same facts as in part c. Would the market value of Corless Co.' debenture bonds be more than or less than the $800,000 reported amount? 1 is good news or bad news to the management of Corless Co.? When the Serial Bonds account decreased during the year, what other accoul was affected, and how was it affected? Use the horizontal model (or writtet journal entry) to record the effect of this transaction