The accounting records of Brownfield Foods, Inc., include the following items at December 31, 2018: Click the icon to view the accounting records.) Read the requirements. Requirement 1. Show how each relevant item would be reported on the Brownfield Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. Select the labels and then enter the amounts to complete the classified balance sheet. You will need to determine the total current assets value from the information provided and your calculations. (Abbreviations used: lab. liabilities, NP notes payable, and pay. payable.) Brownfield Foods, Inc. Partial Balance Sheet December 31, 2018 Assets Less Less Liabilities Requirement 2. Answer the following questions about Brownfield Food's financial position at December 31, 2018: a. What is the carrying amount of the bonds payable (combine the current and long-term accounts)?$ b. Why is the interest payable amount so much less than the amount of interest expense? Interest payable is the Interest expense is the Requirement 3. How many times did Brownfield Foods cover its interest expense during 2018? (Round your answer to two decimal places.) Brownfield covered its interest expense times. Requirement 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation? Begin by computing the leverage ratio. Select the formula for the leverage ratio. Then complete the formula and calculate the leverage ratio. (Round your answer to two decimal places.) Leverage ratio Now, select the formula for the debt ratio. Then complete the formula and calculate the debt ratio. (Round your answer to two decimal places.) Debt ratio Now, select the formula for the debt ratio. Then complete the formula and calculate the debt ratio. (Round your answer to two decimal places.) Debt ratio Evaluate the health of the company from a leverage point of view. What other information would be helpful in making your evaluation? (Round the ratio to two decimal places.) The company's debt ratio and leverage ratios are and operating income covers interest payments by times. With this limited information, the company appears to be risk from a leverage point of view. would also be helpful. Requirement 5. Independent of your answer to (4), assume that Footnote 8 of the financial statements includes commitments for operating leases over the next 15 years in the amount of $3,100,000. If the company had to capitalize these leases in 2018, how would it change the leverage ratio and the debt ratio? How would this impact your assessment of the company's health from a leverage point of view? Select the formula and compute the leverage ratio assuming that the company had to capitalize leases amounting to $3,100,000. (Round your answer to two decimal places.) Leverage ratio Select the formula and compute the debt ratio assuming that the company had to capitalize leases amounting to $3,100,000. (Round your answer to two decimal places.) Debt ratio Data Table - Mortgage note payable, Total assets $ 4,800,000 current portion $ 92,000 Accumulated depreciation, Leases payable (long-term) 455,000 equipment. 169,000 Bonds payable, long-term. 350,000 Discount on bonds payable Mortgage note payable (all long-term) 22,000 long-term 319,000 Operating income 370,000 Bonds payable, current portion. 100,000 Equipment 745,000 Interest expense 222,000 Long-term investments (market value) Interest payable 410,000 78,000 Requirements - X (4), assume mis impact you atio assuming assuming that ent of the comp n the input fie 1. Show how each relevant item would be reported on the Brownfield Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. Answer the following questions about Brownfield Food's financial position at December 31, 2018: 2. a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)? b. Why is the interest-payable amount so much less than the amount of interest expense? How many times did Brownfield Foods cover its interest expense during 2018? 4. Assume that all of the existing liabilities are included in the information provided. 3. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation? 5. Independent of your answer to (4), assume that Footnote 8 of the financial statements includes commitments for long-term operating leases over the next 15 years in the amount of $3,100,000. If the company had to capitalize these leases in 2018, how would it change the leverage ratio and the debt ratio? How would this impact your assessment of the company's health from a leverage point of view? ars in the places.)