Current Liabilities

Bon Nebo Co. sold 13,500 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 $468,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. A quarterly tax payment will be made on April 12, 20Y6.

Prepare the Current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.

Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6Current liabilities:Advances on magazine subscriptions$fill in the blank 1Federal income taxes payablefill in the blank 2Total current liabilities$