Chapter 9, Problem 9.14S

LO 6

(Learning Objective 6: Report liabilities) Regal, Inc., includes the following selected accounts in its general ledger at December 31, 2018:

Bonds payable (excluding current portion)	$400,000
Equipment	113,000
Current portion of bonds payable	51,000
Notes payable, long-term	275,000
Interest payable (due March 1, 2019)	2,000
Accounts payable	37,000
Discount or bonds payable (all long term)	12,000
Account receivable	32,000

Prepare the liabilities section of Regal’s balance sheet at December 31, 2018, to show how the company would report these items. Report total current liabilities and total liabilities.