Fridley Manufacturing’s accounting records reveal the following account balances after adjusting entries are made on December 31, 2012:Accounts payable …………………. $ 62,500Bonds payable (9.4%, due in 2019) …………… 800,000Capital lease liability* ………………… 41,500Bonds payable (8.7%, due in 2015) …………… 50,000Deferred tax liability* ………………… 133,400Discount on bonds payable (9.4%, due in 2019) ………. 12,600Income taxes payable ……………….. 26,900Interest payable …………………. 38,700 Installment note payable (8% equal installments due2013 to 2016) ………………….. 120,000Notes payable (7.8%, due in 2017) …………… 400,000Premium on notes payable (7.8%, due in 2017) ………. 6,100Zero coupon note payable, $50,000 face amount, due in 2018 …. 31,900 * Long-term liabilityRequired:Prepare the current liabilities and long-term debt portions of Fridley’s balance sheet at December 31, 2012. Provide a separate line item for each issue (i.e., do not combine separate bonds or notes payable), but some items may need to be split into more than one item.View Solution:
Fridley Manufacturing s accounting records reveal the following

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