( b) Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2015, balance sheet.( Round answers to 0 decimal places, e. g. 38,548.)
( c) Provide the answers to the following questions.
6) Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low( less than 8 % on an annual basis). Fallen has elected to use the fair value option for the long-term notes issued to Barclay’ s Bank and has the following data related to the carrying and fair value for these notes.
Carrying Value
Fair Value
December 31, 2014 $ 56,930 $ 56,930