Business, 18.02.2020 01:02, sophiee1021

Bake Co.'s trial balance included the following at December 31, Year 1:
Accounts payable $80,000
Bonds payable, due Year 2 300,000
Discount on bonds payable 15,000
Deferred income tax liability 25,000

The deferred income tax liability is not related to an asset for financial accounting purposes and is expected to reverse in Year 2. What amount should be included in the current liability section of Bake's December 31, Year 1 balance sheet?

a) $365,000
b) $390,000
c) $395,000
d) $420,000

Answers: 2

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Bake Co.'s trial balance included the following at December 31, Year 1:
Accounts payable $80,0...