Trinidad Industries Inc. has the following selected accounts at December 31, 2014:
GST Payable (net of ITC) ......................................................................... $ 17,000
Bonds payable............................................................................................ 300,000
Equipment ................................................................................................. 120,000
Current portion of bonds payable ............................................................... 40,000
Notes payable, long-term.......................................................................... 100,000
Interest payable (due March 1, 2015)........................................................ 10,000
Accounts payable...................................................................................... 44,000
Discount on bonds payable (all long-term)............................................... 10,000
Accounts receivable .................................................................................. 34,000
Prepare the liabilities section of Trinidad's balance sheet at December 31, 2014, to show how Trinidad would report these items. Report total current liabilities and total liabilities.