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Determine the total long-term liabilities reported

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Question - The adjusted trial balance for Lifesaver Corp. at the end of the current year, 20X1, contained the following accounts.

5-year Bonds Payable 8% $3,000,000

Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 months.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due currently) 200,000

Salaries and Wages Payable 18,000

Income Taxes Payable (due 3/15 of 20X2) 25,000

Required - Determine the total long-term liabilities reported on the balance sheet?

Reference no: EM133085801

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