New Wave Co. sold 15,500 annual subscriptions of Game Life for $64 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had taxable income of $624,000 during the first calendar quarter of 2017. The federal tax rate is 35%. 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