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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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