Questions: Presented below are long-term liability items for Cullumber Company at December 31, 2022. Bonds payable, due 2024 650,000 Lease liability 80,000 Notes payable, due 2027 90,000 Discount on bonds payable 39,000 Prepare the long-term liabilities section of the balance sheet for Cullumber Company. (Enter account name only and do not provide descriptive information.)

Cullumber Company Balance Sheet (Partial)

Long-term Liabilities: \begin{tabular}{lr} Bonds payable, due 2024 & \$650,000 \\ Less: Discount on bonds payable & (39,000) \\ Lease liability & 80,000 \\ Notes payable, due 2027 & 90,000 \\ \end{tabular}

Total Long-term Liabilities: \$781,000

Explanation:

1. Bonds payable, due 2024: \$650,000
2. Less: Discount on bonds payable: \$39,000 (This is subtracted from the bonds payable to show the net amount)
3. Lease liability: \$80,000
4. Notes payable, due 2027: \$90,000

The total long-term liabilities are calculated as follows: \$650,000 (Bonds payable) - \$39,000 (Discount on bonds payable) + \$80,000 (Lease liability) + \$90,000 (Notes payable) = \$781,000