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The statement of financial postion at December 31, 2012, for Nevada Harvester Corporation includes the liabilities listed below a11% bonds with a face amount of

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The statement of financial postion at December 31, 2012, for Nevada Harvester Corporation includes the liabilities listed below a11% bonds with a face amount of $40 million were issued for $40 million on October 31, 2003. The bonds mature on October 31, 2023. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2013, at a redemption price of $40 million. Market conditions are such that the cal is not expected to be exercised b Management intended to refinance $6 million of its 10% notes that mature in May 2013. In early March, prior to the actual issuance of the 2012 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $5 million any time during 2013. Any borrowings will mature two years from the date of borrowing. c Noncallable 12% bonds with a face amount of $20 million were issued for $20 million on September 30, 1991. The bonds mature on September 30, 2013. Sufficient cash is expected to be available to retire the bonds at maturity d A $12 million 9% bank loan is payable on October 31, 2018-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 1.7 to 1 and remains so for six months That ratio was 1.45 on December 31, 2012, due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2013. Required: Prepare the liability section of a classified statement of financial postionfor Nevada Harvester at December 31, 2012. Accounts payable and accruals are $22 million. (Enter your answers in millions) statement of financial postion(Partial) At December 31, 2012 Current Liabilities 10% notes payable due May 2013 Currently maturing portion of long-term debt 11% bonds due Oct. 31, 2023, redeem tie on Oct 31, 2013 l 12% bonds due Sept 30, Total Current Liabilities Long-Term Debt Currently maturing debt classified as long- term: 9% bank loan due Oct 2018 956 bank loan due 2018 12 Total Long-Term Liabilities Total Liabilities

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