Istanbul Company has the following account balances at December 31, 2017.

Notes payable ($60,000 due after 12/31/18) $120,000

Unearned service revenue 80,000

Other long-term debt ($90,000 due in 2018) 250,000

Salaries and wages payable 42,000

Accounts payable 70,000

In addition, Istanbul Company is involved in a lawsuit. Legal counsel feels it is probable Istanbul Company will pay damages of $30,000 in 2018.

(a) Prepare the current liabilities section of Istanbul Companys December 31, 2017, balance sheet.

(b) Istanbul Companys current assets are $670,000. Compute Istanbul Companys net working capital.