Prepare non-current liabilities section of the balance sheet

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Reference no: EM132573980

Question - The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts:

Bonds payable, 5% $460,000

Bond interest payable 20,000

Lease liability 50,000

Mortgage notes payable, 6%, due 2033 80,000

Accounts payable 120,000

Other information: The mortgage note is payable in monthly payments of $700 principal plus interest.

Instructions -

a) Prepare the non-current liabilities section of the balance sheet.

b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the non-current liabilities section.

Reference no: EM132573980

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