Question
Reporting Long-Term Debt Fridley Manufacturings accounting records reveal the following account balances after adjusting entries are made on December 31, 2024: Accounts payable $62,500 Interest
Reporting Long-Term Debt Fridley Manufacturings accounting records reveal the following account balances after adjusting entries are made on December 31, 2024: Accounts payable $62,500 Interest payable $38,700 Bonds payable (9.4%, due in 2031) 800,000 Installment note payable (8%, equal installments due 2025 to 2028) 120,000 Lease liability* 41,500 Notes payable (7.8%, due in 2029) 400,000 Bonds payable (8.7%, due in 2027) 50,000 Premium on notes payable (7.8%, 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 (9.4%, due in 2031) 12,600 Income taxes payable 26,900 *Long-term liability Required: Prepare the current liabilities and long-term debt portions of Fridleys 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: $- Select - - Select - - Select - - Select - Total current liabilities $fill in the blank 9 Long-term liabilities: Bonds payable: - Select - $- Select - - Select - blank Bonds payable (9.4%, due in 2031), net blank fill in the blank 16 Notes payable: $- Select - - Select - blank Notes payable (7.8%, due in 2029), net blank fill in the blank 21 - Select - $- Select - - Select - blank Notes payable (4%, due in 2030), net blank fill in the blank 28 Other long-term liabilities: - Select - - Select - Total liabilities $fill in the blank 33
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