Prepare the current liabilities and long-term debt portions

Assignment Help Financial Accounting

Reference no: EM13938038

Problem- REPORTING LONG-TERM DEBT

Craig Corporation's accounting records reveal the following account balances after adjusting entries are made on December 31, 2008:

Accounts payable	$ 73,000
Bonds payable (9.4%, due in 2013)	900,000
Capital lease liability*	30,000
Bonds payable (8.3%, due in 2012)	60,000
Deferred tax liability*	127,600
Discount on bonds payable (9.4%, due in 2013)	11,900
Income taxes payable	28,100
Interest payable	33,400
Installment note payable (9%, equal installments
due 2009 to 2015)	110,000
Notes payable (7.8%, due in 2017)	350,000
Premium on notes payable (7.8%, due in 2017)	5,000
Zero coupon note payable, $50,000 face
amount, due in 2019	29,800

* Long-term liability

Prepare the current liabilities and long-term debt portions of Craig's balance sheet at December 31, 2008. 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.

Reference no: EM13938038

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