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Exercise #3: From the following, prepare the long-term liabilities section of a balance sheet: a. Sinking Fund$275,000 b. Premium on 13% bonds7,000 c. Discount on

Exercise #3:From the following, prepare the long-term liabilities section of a balance sheet:

a. Sinking Fund$275,000

b. Premium on 13% bonds7,000

c. Discount on 16% bonds13,000

d. 13% Bonds Payable600,000

e. 16% Bonds Payable180,000

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