REQUIREMENT Read the information provided below and prepare the liability section of Logan's March 31, 2018 balance sheet. The balance sheet will have two sections: current liabilities and long-term liabilities INFORMATION Logan Company manufactures and sells various high-end audio products and recording equipment. Logan has a fiscal year-end of March 31, 2018. The financial statements for the year ending March 31, 2018 will be issued about May 15, 2018 Logan had the following balances as of January 1, 2018: Customer deposits for special order goods. $500,000 .200,000 600,000 700,000 400,000 Warranty liability Note Payable . Note PayableB Note Payable CUSTOMER DEPOSITS Customer deposits of 10% are required for special order goods. Special order goods are completed and delivered within several months. The January 1 balance in Customer deposits represented outstanding orders of $5,000,000 ($5,000,000 x 10%-$500,000 beginning balance). By March 31, 2018, 90% of the January 1, 2018 outstanding special orders were completed and delivered and the remaining payment was received. Special orders in the first three months of 2018 totaled $2,000,000. A deposit of 10% was received on these special orders and none of these new orders were completed and delivered as of March 31, 2018. OVER