Bon Nebo Co. sold 40,000 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $920,000 during the first calendar quarter of 20Y6. The federal tax rate is 30%. A quarterly tax payment will be made on April 12, 20Y6.
Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.