The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the

Question:

The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accounts.

Interest Payable $ 9000

Lease Liability 89,500

Bonds Payable, due 2019 180,000

Premium on Bonds Payable 32,000

Instructions

Prepare the long-term liabilities section of the balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...