FastTrack Magazine, Inc., includes the following selected accounts in its general ledger at December 31,2010:

Prepare the liabilities section of FastTrack Magazine’s balance sheet at December 31, 2010, to show how the company would report these items. Report a total for cur¬ rent liabilities.

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Mortgage Notes Payable...... $100,000 Lease Payable, Long-Term..... 20,000 Accounts Payable................ Discount on Bonds Payable...... $19,000 6,000 Bonds Payable... Interest Payable (due next year). 350,000 7,000