Bon Nebo Co. sold 17,000 annual subscriptions of Magazine 20XX for $49 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had a taxable income of $524,000 during the first calendar quarter of 20Y9. The federal tax rate is 38%. A quarterly tax payment will be made on April 12, 20Y9.

Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.

Bon Nebo Co.

Current Liabilities Section of Balance Sheet

March 31, 20Y9

Current liabilities:

Federal income taxes payable$fill in the blank 1

Advances on magazine subscriptions fill in the blank 2

Total current liabilities$fill in the blank 3