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7 July, 17:38

Presented here are long-term liability items for Skysong, Inc. on December 31, 2017.

Bonds payable (due 2021) $920,000

Notes payable (due 2019) 84,000

Discount on bonds payable 23,000

Prepare the long-term liabilities section of the balance sheet for Skysong, Inc.

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  1. 7 July, 18:04
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    Skysong, Inc.

    Balance Sheet (Partial)

    As on December 31, 2017.

    Liabilities

    Long Term Liabilities

    Bonds payable (due 2021) $920,000

    Notes payable (due 2019) $84,000

    Discount on bonds payable ($23,000)

    Total Long Term Liabilities $981,000

    Explanation:

    Long term liabilities are all those liabilities that will be paid after one year's time. As Bond Payable is due in 2021 and needs to be paid after 4 years it is classified as long term liabilities. Note Payable is also due in 2019 and needs to be paid after 2 years it is also classified as long term liabilities.
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