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Reporting Long$-$Term Debt

Fridley Manufacturing$$s accounting records reveal the following account balances after adjusting entries are made on December $31,2024$:

Accounts payable $$72,200$ Interest payable $$38,700$

Bonds payable $(9\mathrm{.}4\%,$ due in $2031)800,000$ Installment note payable $(8\%,$ equal installments due $2025$ to $2028)120,000$

Lease liability$*41,500$ Notes payable $(7\mathrm{.}8\%,$ due in $2029)400,000$

Bonds payable $(8\mathrm{.}7\%,$ due in $2027)50,000$ Premium on notes payable $(7\mathrm{.}8\%,$ due in $2029)6,100$

Deferred tax liability$*133,400$ Note payable, $4\%$ $$50,000$ face amount, due in $2030($net of discount$)31,900$

Discount on bonds payable $(9\mathrm{.}4\%,$ due in $2031)12,600$

taxes payable $26,900$

$*$Long$-$term liability

Required:

Prepare the current liabilities and long$-$term debt portions of Fridley$$s balance sheet at December $31,2024.$ Provide a separate line item for each issue $($do not combine separate bonds or notes payable$),$ but some items may need to be split into more than one item.

Fridley Manufacturing

Liabilities Section of the Balance Sheet

December $31,2024$

Liabilities

Current liabilities:

Accounts payable

$Accounts payable

$72,200$

Interest payable

Interest payable

$38,700$

Income taxes payable

Income taxes payable

$26,900$

Current portion of installment note

Current portion of installment note

$30,000$

Total current liabilities $fill in the blank $9$

$167,800$

Long$-$term liabilities:

Bonds payable:

Bonds payable $(8\mathrm{.}7\%,$ due in $2027)$

Bonds payable $(8\mathrm{.}7\%,$ due in $2027)$

$50,000$

Bonds payable $(9\mathrm{.}4\%,$ due in $2031)$

$Bonds payable $(9\mathrm{.}4\%,$ due in $2031)$

$800,000$

$-$ Select $-$

blank

Bonds payable $(9\mathrm{.}4\%,$ due in $2031),$ net blank fill in the blank $16$

$787,400$

Notes payable:

Notes payable $(7\mathrm{.}8\%,$ due in $2029)$

$Notes payable $(7\mathrm{.}8\%,$ due in $2029)$

$-$ Select $-$

blank

Notes payable $(7\mathrm{.}8\%,$ due in $2029),$ net blank fill in the blank $21$

$406,100$

$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

blank

Notes payable $(4\%,$ due in $2030),$ net blank fill in the blank $28$

$31,900$

Other long$-$term liabilities:

Lease liability

Lease liability

$41,500$

Deferred tax liability

Deferred tax liability

$133,400$

Total liabilities $fill in the blank $33$