The accounting records ofEdmontonFoods Inc. include the following items at December? 31,2014.

Mortgage note payable,

Accumulated depreciation,

current. . . . . . . . . . . . . . . . . . . . . . . .

$95,000

equipment. . . . . . . . . . . . . . . . . . . . . . .

$216,000

Bonds payable, long-term. . . . . . . . . . . . .

490,000

Discount on bonds payable

Mortgage note payable,

(all long-term). . . . . . . . . . . . . . . . . . . .

7,500

long-term. . . . . . . . . . . . . . . . . . . . . .

195,000

Operating income. . . . . . . . . . . . . . . . . . . .

297,000

Bonds payable, current portion. . . . . . . . .

70,000

Equipment. . . . . . . . . . . . . . . . . . . . . . . . .

490,000

Interest expense. . . . . . . . . . . . . . . . . . .

76,000

Interest payable. . . . . . . . . . . . . . . . . . . . .

12,000

Requirement 1. Show how each relevant item would be reported on the

EdmontonEdmonton

Foods Inc. classified balance? sheet, including headings and totals for current liabilities and? long-term liabilities.

	Edmonton Foods Inc.
	Balance Sheet (partial)
	December 31, 2014
Assets				Liabilities
Property, plant, and equipment:				Current liabilities:
Equipment		490,000		Bonds payable, current portion			70,000
Accumulated depreciation		216,000		Mortgage note payable, current			95,000
				Total current liabilities
				Long-term liabilities:
				Bonds payable, long-term			490,000
				Discount on bonds payable		7,500
				Less:	Discount on bonds payable	7,500
				Total long-term liabilities

Requirement 2. Answer the following questions about Edmonton financial position at December? 31,2014?:

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?

Interest payable is theamount of interest that the company owes at year-end.

Interest expense is the company's cost of borrowing for the full year.

Requirement 3. How many times didEdmonton cover its interest expense during2014???(Round your answer to one decimal? place.)

Edmonton covered its interest expense ________ times.

I have attempted a portion of the question. Please correct and advise if i have made errors :)

Data Table Mortgage note payable, current Bonds payable, long-term Mortgage note payable long-term Bonds payable, current portion Interest expense Accumulated depreciation, 95.000 equipment 216,000 490,000 Discount on bonds payable 7,500 (all long-term) 195,000 Operating income 297.000 70,000 Equipment 490,000 76,000 Interest payable 12,000 Print Done