The balance sheet at December 31, 2021, for Nevada Harvester Corporation includes the liabilities listed below a. 11% bonds with a face amount of $28 million were issued for $28 million on October 31, 2012. The bonds mature on October 31 2032. Bondholders have the option of calling (demanding payment on the bonds on October 31, 2022, at a redemption price of $28 million Market conditions are such that the call is not expected to be exercised. b. Management intended to refinance $8.7 million of its 12% notes that mature in May 2022. In early March, prior to the actual issuance of the 2021 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $35 million any time during 2022. Any borrowings will mature two years from the date of borrowing c. Noncallable 13% bonds with a face amount of $16.5 million were issued for $16.5 million on September 30, 2002. The bonds mature on September 30, 2022. Sufficient cash is expected to be available to retire the bonds at maturity. d. A $9 million 10% bank loan is payable on October 31, 2027. The bank has the right to demand payment after any fiscal year-end in which Nevada Harvester's ratio of current assets to current liabilities falls below a contractual minimum of 17 to 1 and remains so for six months. That ratio was 145 on December 31, 2021 , due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2022. Required: 1. For each liability listed above, what amount will be reported as a current liability and as a noncurrent liability on the December 31 2021 balance sheet? 2. Prepare the liability section of a classified balance sheet for Nevada Harvester at December 31, 2021. Accounts payable and accruals are $20 million Complete this question by entering your answers in the tabs below. Required 1 Required 2 accruals are $20 million Complete this question by entering your answers in the tabs below. 12 Required 1 Required 2 For each liability listed above, what amount will be reported as a current liability and as a noncurrent liability on the December 31, 2021 balance sheet? (Enter your answers in millions rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5).) (s in millions) Current Moncurrent Liability Liability Scenario a. b. C. d 2 Required Required 2 > ch Required 1 Required 2 7:44 Prepare the liability section of a classified balance sheet for Nevada Harvester at December 31, 2021. Accounts payable and accruals are $20 million. (Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).) NEVADA HARVESTER CORPORATION Balance Sheet (partial) At December 31, 2021 ($ in millions) Current Liabilities Current portion of long-term debt: 0.0 0.0 Total Current Liabilities Long-Term Dobt Currently maturing debt classified as long-term: Total Long-term Liabilities Total Liabilities 0.0 0.0 $
