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The adjusted trial balance for Brooke Corporation at 31 December 2018 contained the following accounts: Bonds payable (2020) $400,000 Bond interest payable 20,000 Discount on
The adjusted trial balance for Brooke Corporation at 31 December 2018 contained the following accounts:
Bonds payable (2020) $400,000
Bond interest payable 20,000
Discount on bonds payable 30,000
Notes payable (2019) 70,000
Accounts payable 120,000
Instructions
1. Prepare the long-term liabilities section of the balance sheet for the year ended 31 December 2018.
2. Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.
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