The following section is taken from Majestic’s balance sheet at December 31, 2006.

The following section is taken from Majestic’s balance sheet at December 31, 2006. Current liabilities Bond interest payable $ 24,000 Long-term liabilities Bonds payable, 8%, due January 1, 2013 300,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date.