Part 3 of 9 The accounting records of Brighton Foods, Inc., include the following items at December 31, 2020: Accounting records Mortgage note payable, current portion Accumulated pension benefit obligation Bonds payable, long-term. Total assets. $ 4,850,000 92,000 Accumulated depreciation, equipment 159,000 455,000 Discount on bonds payable 225,000 (all long-term) 25,000 Mortgage note payable, long-term Operating income. 400,000 315,000 Equipment. 748,000 Bonds payable, current portion 475,000 Pension plan assets Interest expense 223,000 (market value) 420,000 Interest payable 76,000 Print Done - X Required 1. Why is the interest-payable amount so much less than the amount of interest expense? 2. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Evaluate the health of the company from a leverage point of view. What other information would be helpful in making your evaluation? 3. Independent of your answer to Requirement 2, assume that Footnote 8 of the financial statements discloses commitments for operating leases over the next 15 years in the amount of $3,400,000. If the company had to capitalize these leases in 2020, how would it change the leverage ratio and the debt ratio? How would this change impact your assessment of the company's health from a leverage point of view? Print Done - Accounting records Mortgage note payable, current portion Accumulated pension benefit obligation Bonds payable, long-term. Mortgage note payable, Total assets. . $ 92,000 Accumulated depreciation, equipment $ 4,850,000 159,000 455,000 Discount on bonds payable 225,000 (all long-term) 25,000 Operating income. 400,000 long-term 315,000 Equipment. 748,000 Bonds payable, current portion 475,000 Pension plan assets Interest expense. 223,000 (market value) 420,000 Interest payable 76,000 Print Done