At December 31, MediPoint Precision Instruments owes ($52,000) on accounts payable, plus salary payable of ($11,000), and

Question:

At December 31, MediPoint Precision Instruments owes $$52,000$ on accounts payable, plus salary payable of $$11,000$, and income tax payable of $$9,000$. MediPoint also has $$260,000$ of bonds payable that require payment of a $$20,000$ installment next year and the remainder in later years. The bonds payable require an annual interest payment of $$7,000$, and MediPoint still owes this interest for the current year.
Requirement
1. Report MediPoint’s liabilities on its classified balance sheet. List the current liabilities in descending order (largest first, and so on), and show the total of current liabilities.

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