Listed below are selected items from the financial statements of a company for the year ended December 31, Year 1.
| Salaries Payable | 63,000 |
| Accounts payable | 35,000 |
| Current Maturity of Long-Term Debt | 25,000 |
| Bonds payable, due December 31, Year 20 | 2,200,000 |
| Premium on Bonds Payable | 14,000 |
| Estimated Warranty Liability | 10,000 |
| Note Payable, due Dec. 31, Year 4 | 75,000 |
| Unearned Revenue | 25,000 |
| Note Payable, due June 1, Year 2 | 8,000 |
| Discount on Note Payable due June 1, Year 2 | 500 |
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| 1 |
Liability Classification
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Easy | |
| 2 | Contingent Liabilities | Moderate | |
| 3 | Contingent Liabilities - Warranties | Moderate |