Lark Co’s trial balance included the following at December 31, year 5: Accounts payable $75,000 Bonds...
Lark Co’s trial balance included the following at December 31, year 5:
|
Accounts payable |
$75,000 |
|
Bonds payable due year 7 |
$450,000 |
|
Discount on bonds payable |
$22,000 |
|
Deferred income tax liability (equipment) |
$30,000 |
What amount should be included in the noncurrent liability section of Lark’s December 31, year 5 balance sheet?
A.
$383,000
B.
$458,000
C.
$480,000
D.
$533,000
Homework Answers
| Non Current Liabilities: | ||||
| Bonds payable | 450000 | |||
| Less: Discount on Bonds payable | 22000 | |||
| Net Bonds Payable | 428000 | |||
| Deferred Income Tax Liabilities | 30000 | |||
| Non Current Liabilities: | 458000 | |||
| Answer is B. 458000. | ||||
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