[The following information applies to the questions displayed below.] During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. Paid and recorded wages of $130,000 during Year 1 ; however, at the end of Year 1 , three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,000. Collected rent revenue of $2,400 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. 3. Show how any liabilities related to these transactions should be reported on the company's balance sheet at December 31 , Year 1 . \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ WALNUT COMPANY } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet (Partial) } \\ \hline \multicolumn{2}{|c|}{ As of December 31} & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline & & \\ \hline & & $0 \\ \hline Total & & \\ \hline \end{tabular}