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Question - The adjusted trial balance for Cullumber Corporation at July 31, 2021, the corporation's fiscal year end, contained the following:
Accounts payable
$97,000
Note payable
$141,500
Accounts receivable
113,000
Lease liability
65,500
Bonds payable, due 2025
207,000
Note receivable, due December 2021
35,500
Interest payable
5,000
Unearned revenue
10,000
Of the lease liability amount, $16,500 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be $27,000: $7,000 is for interest and $20,000 for principal repayments.
Required - Prepare the non-current liabilities section of the balance sheet as at July 31, 2021.
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