Problem 2 (12%) At the financial statement date of December 31, 2018, the liabilities outstanding of Packard Corporation included the following: 1. Cash dividends on ordinary shares, $25,000, payable on January 15, 2019. 2. A 12%, serial bonds $600,000 of which $200,000 each will due on December 31, 2019, December 31, 2020 and December 31, 2021. Interest payable on December 31 each year. 3. A six-month, $600,000,11%, Note payable to Galena Bank, interest payable due on January 31, 2019. 4. The unadjusted balance of the Unearned Service Revenue $12,000 on December 31, 2018 of which $5,000 has been earned until December 31, 2018. The following transactions occurred early in 2019: January 15: The cash dividends on ordinary shares were paid. January 31: The corporation entered into a financing agreement with Galena Bank, enabling it to borrow $500,000 at any time through the end of 2021. Amounts borrowed under the agreement would bear interest at 1% above the bank's prime rate and would mature 3 years from the date of the loan. The corporation immediately borrowed $400,000 to settle part of the six-month notes payable to Galena Bank. January 31: The note payable and the related interest to Galena Bank was paid. February 1: The financial statements for 2018 were issued. Instructions: For the preparation of statement of financial position for Packard Corporation presented at December 31, 2018. 1. Indicate the amount of the all the liabilities of Packard Corporation and 2. Classify the liabilities as current or non-current Problem 2 FILL IN THE HEADING TO THE EXAMINATION WORKSHEET NAME OF LIABILITIES AMOUNT CURRENT/ NON-CURRENT