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At December 31, 2017, Pharoah Corporation has the following account balances: Bonds payable, due January 1, 2026 $2,300,000 Discount on bonds payable 95,000 Interest payable 88,000Show how the above accounts should be presented on the December 31, 2017, balance sheet, including the proper classifications.

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Karabo99

Answer and Explanation:

Partial balance sheet of Vaughn Corporation is as follows:

Particular                                   Amount

Current liabilities  

Interest payable                                 $88,000

Long-term Liabilities  

Bonds Payable                                 $2,300,000

Less: Discount on bonds payable ($95,000)

                                                               $2,293,000

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