On December 31, 2020 Desert Co. had bonds payable outstanding in the amount of $3,000,000....
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On December 31, 2020 Desert Co. had bonds payable outstanding in the amount of $3,000,000. The bonds pay 9% interest on June 30 and December 31. During 2021, $1,000,000 of the bonds mature. Desert Co. is not yet sure of its ability to refinance the bonds, but plans to refinance if possible. How should the bonds payable be disclosed on the December 31, 2020 balance sheet?
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