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Q8/3: Blue Models has the following account balances at December 31, 2024: In addition, Blue is involved in a lawsuit. Legal counsel feels it is

Q8/3:
Blue Models has the following account balances at December 31, 2024: In addition, Blue is involved in a lawsuit. Legal counsel feels it is probable Blue will pay damages of $31,000 in 2025 . Blue records contingent liabilities in the account Litigation Liability. Prepare the current liabilities section of Blue's December 31, 2024, balance sheet. BLUE MODELS (Partial) Balance Sheet December 31, 2024 Current Liabilities Accounts Payable Unearned Revenue Salaries Payable $77000 85000 39000 $

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