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The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2007, contained the following accounts. 5 year Bonds Payable 8% $1,000,000
The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2007, contained the following accounts. 5 year Bonds Payable 8% $1,000,000 Bond Interest Payable $50,000 Premium on Bonds Payable $100,000 Notes Payable (3 mo.) $40,000 Notes Payable (5 yr.) $165,000 Mortgage Payable ($15,000 due currently) $200,000 Salaries Payable $18,000 Taxes Payable (due Mar 15 of next yr) $25,000 The total long-term liabilities reported on the balance sheet are $1,365,000 $1,350,000 $1,465,000 $1,450,000
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