1. At the financial statement date of December 31, 2014, the liabilities outstanding of ABC Corporation included the following:

1. Cash dividends on common stock, $40,000, payable on January 15, 2015.

2. Note payable to WWW State Bank, $470,000, due January 20, 2015.

3. Serial bonds, $1,400,000, of which $350,000 mature during 2015.

4. Note payable to ZZZ National Bank, $300,000, due January 27, 2015.

The following transactions occurred early in 2015:

January 15: The cash dividends on common stock were paid.

January 20: The note payable to WWW State Bank was paid.

January 25: The corporation entered into a financing agreement with WWW State Bank, enabling the company to borrow up to $500,000 at any time through the end of 2017. Amounts borrowed under the agreement would bear interest at 1% above the bank's prime rate and would mature 3 years from the date of the loan. The corporation immediately borrowed $400,000 to replace the cash used in paying its January 20 note to the bank.

January 26: 40,000 shares of common stock were issued for $350,000. $300,000 of the proceeds was used to liquidate the note payable to ZZZ National Bank.

February 1: The financial statements for 2014 were issued.

record the balances at 12/31/14, labeling each BAL and then prepare the 2015 entries to recognize the above transactions.

Prepare a partial balance sheet for ABC Corporation, showing the manner in which the above liabilities should be presented at December 31, 2014.

The liabilities should be properly classified between current and long-term

Appropriate note disclosure should be included