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

5-year Bonds Payable 8% (mature 12/31/24) $3,000,000

Interest Payable 60,000

Premium on Bonds Payable 100,000

Notes Payable (3 months.) 50,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due in 2021) 250,000

Salaries and Wages Payable 20,000

Income Taxes Payable (due 4/15 of 2021) 25,000

Instructions:

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