Question

Presented below are long-term liability items for Pharoah Company at December 31, 2020. Bonds payable, due 2022 $625,000 Lease liability 60,000 Notes payable, due 2025 70,000 Discount on bonds payable 46,875 Prepare the long-term liabilities section of the balance sheet for Pharoah Company. (Enter account name only and do not provide descriptive information.)

Answer 1

See explanation

Step-by-step explanation:

Consider liabilities due within period of more than 12 months for the long-term liabilities section of the balance sheet.