1. By the end of year 2020 the Company Marvel Inc, has prepared the required information to prepare the balance sheet current and long term liabilities.

They have administrative staff in the company, but the accounting service is outsourced.

They are today in a process of selecting a new company to deliver the accounting services, so they are trying to find the best alternative. The have decided to give the information to different companies to see which is the best option.

The information below has been delivered to you and you are asked to prepare the liability side of the balance sheet as professionally as possible. You are also requested to explain everything you are doing, so they can understand clearly what you are doing.

Income taxes payable for 225.000 of which 126.000 are due June 30^th, the rest are deferred indefinitely.

Notes payable 608.000, of which 25.000 are due June 30 2021

62.000 are due December 30 2021

130.698 are due June 2022

390.302 are due December 2022

Lawsuit pending from customer America Corp, as a quality claim from a product that was used in their process causing losses for 500.000. The companys lawyer has not been able to estimate the probability that the company has to pay the claim, at this moment.

Cash deposits from customers for tailormade specific products 88.000 to be delivered 50% December 2021 and the remaining amount June 2021.

Accrued interest from a long term loan that is paid every 6 months, the next payment of 90.000 is due march 30^th 2021.

Long term loan for 2.250.000, the maturity of the principal has the following breakdown:

December 30 2021 750.000

December 30 2022 750.000

December 30 2023 750.000

Interest expense that will result from existing liabilities over the next 12 months for 20.000