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16 February, 14:34

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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  1. 16 February, 17:33
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    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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