Liabilities

The adjusted trial balance for Quality Corp. at December 31, 2022, contained the following accounts.

5-year Bonds Payable 6% (mature 12/31/26) $4,000,000

Interest Payable 60,000

Premium on Bonds Payable 100,000

Notes Payable (3 months) 50,000

Notes Payable (5 yr.) 170,000

Mortgage Payable ($20,000 due in 2023) 300,000

Salaries and Wages Payable 24,000

Income Taxes Payable (due 4/15 of 2023) 60,000

Instructions:

Prepare the Liabilities section of a balance sheet dated December 31, 2022.