New Wave Co. sold 14,500 annual subscriptions of Game Life for $54 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had taxable income of $492,000 during the first calendar quarter of 2017. The federal tax rate is 40%. A quarterly tax payment will be made on April 7, 2017.

Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2017.

New Wave Co.
Current Liabilities Section of Balance Sheet
March 31, 2017
Current liabilities:
Federal income taxes payable	$
Advances on magazine subscriptions
Total current liabilities	$