At December 31, 2020, Swifty Corporation has the following account balances:

Bonds payable, due January 1, 2029 $2,500,000
Discount on bonds payable 107,000
Interest payable 101,000

Show how the above accounts should be presented on the December 31, 2011, balance sheet, including the proper classifications.

Current liabilities
Long-term liabilities

Curret Liability

Interest payable                                        $101,000

Long Term Liability

Bonds payable, due January 1, 2029      $2,500,000

Discount on bonds payable                     $107,000    

Total Liabilities                                          $2,708,000

Explanation:

The liabilities which is payable within a year is Current  and which is payable after one year in Long term liability.

Interest payable is the amount of interest accrued for the year 2020 and not yeat paid. It will be paid in near future so, it is included in the current Liabilities,

Bond Payable and Its discount will be carried in long run so, it is added to Long Term Liability.

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