The accounting records of Barnstable Foods, Inc., include the following items at December 31, 2010:

Requirements
1. Show how each relevant item would be reported on the Barnstable Foods, Inc., classified balance sheet, including headings and totals for current liabilities and long-term liabilities.
2. Answer the following questions about Barnstable’s financial position at December 31, 2010:
a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)?
b. Why is the interest-payable amount so much less than the amount of interest expense?
3. How many times did Barnstable cover its interest expense during2010?

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Mortgage note payable, Accumulated depreciation, S 94,000 equipment$164,000 current.. Accumulated pension Discount on bonds payable benefit obligation. Bonds payable, long-term1,200,000 Mortgage note payable, 465,000 (all long-ter 27,000 Operating income...400,000 Equipment..745,000 long-term Bonds payable, current portion.. 400,000(market va Interest expense 319,000 Pension plan assets lue) 222,000 Interest payable.. 405,000 72,000 ……