Q1. Oaktree Industries Inc. has the following selected accounts at December 31, 2020: GST Payable (net of ITC) $ 16,000 Bonds payable 300,000 Equipment 120,000 Current portion of bonds payable 40,000 Notes payable, long-term 100,000 Interest payable (due Mar 1/21) 10,000 Accounts payable 44,000 Discount on bonds payable (LT) 10,000 Accounts receivable 1 34,000 Required: Prepare the liabilities section of Oaktree's balance sheet at December 31, 2020, to show how Oaktree would report these items. Report total current liabilities and total liabilities. You may use Exhibit 1-10 as reference