e 1: Madison Inc. started operations in 2001. As of December 31, 2020, Madison had 10,000 shares of no-par common stock authorized issued and outstanding. The December 31, 2020, adjusted trial balance for Madison is presented below: Cash Accounts receivable Inventory Goodwill Equipment Accounts payable Accumulated depreciation equipment Allowance for uncollectible accounts. Bonds payable, due in 2024 Notes payable, due in 2021 Interest payable (paid semi-annually) Common stock Retained earnings Sales revenue Costs of goods sold Salaries expense Depreciation expense Interest expense Totals Debit Credit $7,000 26,000 11,000 12,000 64,000 $ 14,000 20,000 2,000 24,000 12,000 2,000 20,000 12,000 62,000 20,000 18,000 6,000 4,000 $168,000 $168,000 Prepare the Current Liabilities section of the classified balance sheet for Madison Inc. at December 31, 2020.