The adjusted trial balance for Bonita Industries at the end of the current year, 2021, contained the following accounts.   5-year Bonds Payable 8%   $ 2900000   Interest Payable   52000   Premium on Bonds Payable   101000   Notes Payable (3 months.)   38000   Notes Payable (5 yr.)   167000   Mortgage Payable ($ 15000 due currently)   198000   Salaries and wages Payable   16000   Income Taxes Payable (due 3/15 of 2022)   23000 The total long-term liabilities reported on the balance sheet are

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A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

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A:

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A: Long-term liabilities are those which are payable to the company in more than 1 year. Liabilities…

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