New Wave Co. sold 13,500 annual subscriptions of Game Life for $48 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015. In addition, the business had taxable income of $408,000 during the first calendar quarter of 2015. The federal tax rate is 35%. A quarterly tax payment will be made on April 7, 2015. Hide Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2015.