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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.
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