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At December 31, MediDocMediDoc Precision Instruments owes $ 58 comma 000$58,000 on Accounts Payable, Salaries...

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Question

Accounting

At December 31,

MediDocMediDoc

Precision Instruments owes

$ 58 comma 000$58,000

on Accounts Payable, Salaries Payable of

$ 18 comma 000$18,000,

and Income Tax Payable of

$ 9 comma 000$9,000.

MediDocMediDoc

also has

$ 270 comma 000$270,000

of Bonds Payable that were issued at face value that require payment of a

$ 40 comma 000$40,000

installment next year and the remainder in later years. The bonds payable require an annual interest payment of

$ 8 comma 000$8,000,

and

MediDocMediDoc

still owes this interest for the current year. Report

MediDocMediDoc's

liabilities on its classified balance sheet on December 31,

Answer & Explanation Solved by verified expert
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