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Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2018: Accounts payable $ 62,500 Bonds payable (9.4%,

Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2018:

Accounts payable $ 62,500
Bonds payable (9.4%, due in 2025) 800,000
Lease liability* 41,500
Bonds payable (8.7%, due in 2021) 50,000
Deferred tax liability* 133,400
Discount on bonds payable (9.4%, due in 2025) 12,600
Income tax payable 26,900
Interest payable 38,700
Installment note payable (8% equal installments due 2019 to 2022) 120,000
Notes payable (7.8%, due in 2023) 400,000
Premium on notes payable (7.8%, due in 2023) 6,100
Zero coupon note payable, $50,000 face amount, due in 2024 (net of discount) 31,900

* Long-term liability

Required:

Prepare the current liabilities and long-term debt portions of Fridley's statement of financial position at December 31, 2018. 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 Statement of Financial Position
December 31, 2018
Liabilities
Current liabilities:
Accounts payable $
Interest payable
Income tax payable
Current portion of installment note
Total current liabilities $
Long-term liabilities:
Bonds payable:
Bonds payable (8.7%, due in 2021)
Bonds payable (9.4%, due in 2025) $
Less: Discount on bonds payable
Notes payable:
Notes payable (7.8%, due in 2023) $
Add: Premium on notes payable
Installment note payable (8%)
Note payable (4%, due in 2024) $
Less: Discount on note payable
Other long-term liabilities:
Lease liability
Deferred tax liability
Total liabilities $

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