Listed Below are selected transactions of Schultz Department Store for the current year ending Dec. 2017

1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production on January 15, 2018.

2. During December, cash sales totaled 798,000, which includes the 5% sale tax that must be remitted to the state by the 15th day of the following month.

3. Schultz Department Store provides paid vacations to its employees. At Dec. 31, 2017, 30 employees have each earned 2 weeks of vacation time. The employees' average salary is $450 per week.

4. On January 1, 2017, Schultz Department Store issued $600,000 of 7% bonds, due in 10 years. The bond were issued for 559,224 and pay interest July 1 and January 1. Schultz using the straight-line method. The effective interest rate was 8%

5. At December 31,2017, Schultz is involved with a lawsuit . The attorney for the company determined that is is probable that Schultz will loss the case and that a reaonable estimate of damages to be paid by Schultz is $300,000

6. The company has an outstanding notes payable at December 31, 2017 in the amount of 225,000. The note payable is due in installment of 25,000 per quarter. (ignore interest portion)

Prepare IN GOOD FORM the liability section of the balance sheet at December 31, 2017