At December 31, 2018, Micro Instruments owes $47,000 on Accounts Payable. The balance of Salaries Payable is $14,000 and the balance of Income Tax Payable is $8,000. Micro also has $250,000 of Bonds Payable that were issued at face value. These bonds require payment of a $25,000 installment next year and payment of the remainder in later years. The bonds payable require an annual interest payment of $7,500. Micro still owes this for the current year.
Requirement:
Report Micro Instruments' liabilities on its classified balance sheet on December 31, 2018.
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