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
|
|
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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.