Brite Company provided the following data on December 31, 2021: Accounts payable Note payable, 8% unsecured, due July 1, 2023 Accrued expenses Contingent liability Deferred tax liability Bonds payable, 7%, due December 31, 2022 Premium on bonds payable 550,000 4,000,000 350,000 450,000 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P1,000,000 lawsuit filed against the entity. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. When total amount should be reported as current liabilities on December 31, 2021? a. 4,900,000 b. 5,350,000 c. 6,400,000 d. 6,850,000

At December 31, 2020, Martinez Corporation has the following account balances: Bonds payable, due January 1, 2029   $2,500,000 Discount on bonds payable   92,000 Interest payable   82,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications.

At the end of 2020, Majors Furniture Company failed to accrue $61,500 of Interest expense that accrued during the last five months of 2020 on bonds payable. The bonds mature in 2032. The discount on the bonds is amortized by the straight-line method. The following entry was recorded on February 1, 2021, when the semiannual Interest was pald: Interest expense Discount on bonds payable Cash Required: 1-a. Prepare any journal entries necessary to correct the error, as well as any adjusting entry for 2021 related to the situation described. (Ignore Income taxes.) 1-b. Prepare the journal entries that should have been recorded, If done correctly to start. Req 1A Complete this question by entering your answers in the tabs below. Req 18 View transaction list Prepare any journal entries necessary to correct the error, as well as any adjusting entry for 2021 related to the situation described. (Ignore income taxes.) (Do not round intermediate calculations and round your final answers to nearest…