The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accounts.
| Interest Payable | $9,000 |
| Lease Liability | 89,500 |
| Bonds Payable, due 2027 | 180,000 |
| Premium on Bonds Payable | 32,000 |
Instructions
Prepare the long-term liabilities section of the balance sheet
Solution
Karr Farm Corporation
Balance Sheet (Partial)
December 31, 2020
Balance Sheet (Partial)
December 31, 2020
