Question

These are the accounts in ABC Inc.’s trial balance:
Inventory: $19,000
Bonds Payable: $14,500
Patents: 220,000
Land: $80,000
Accounts Payable: $26,500
Cash: $7,000
Equipment: $150,000
Goodwill: $105,000
Notes Payable: $10,000
Wages Payable: $14,000
Common Stock: $85,000

Determine the company’s total long-term liabilities.
$25,500
$36,500
$38,500
$24,500
$28,500