Explanation:
The preparation of the long-term liabilities section of the balance sheet is presented below:
                   Sunland Company’s
                  December 31, 2017
               Long-term liabilities section
Long term liabilities
Bond payable                   $409,300
Less: Discount on Bonds Payable   -$33,800     $375,500
Pension Liability                              $383,400
Total long term liabilities                       $758,900