Bon Nebo Co. sold 12,500 annual subscriptions of Bjorn for $55 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $432,000 during the first calendar quarter of 2016. The federal tax rate is 38%. A quarterly tax payment will be made on April 12, 2016. Prepare the "Current liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 2016. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y6 Line Item Description Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities Amount 164,160