The adjusted trial balance for Langley Corp. at the end of the current year, 2020, contained the following accounts.

5-year Bonds Payable 8% (mature 12/31/24) $4,000,000

Interest Payable 50,000

Discount on Bonds Payable 200,000

Notes Payable (3 months.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due in 2021) 200,000

Salaries and Wages Payable 28,000

Income Taxes Payable (due 4/15 of 2021) 30,000

Instructions:

Prepare the Liabilities section of a balance sheet dated December 31, 2020.