Royall, Inc., includes the following selected accounts in its general ledger at December 31, 2014:
Bonds payable (excluding current portion).......................................$350,000
Equipment......................................................................................... 117,000
Current portion of bonds payable..................................................... 56,000
Notes payable, long-term.................................................................. 125,000
Interest payable (due March 1, 2015)............................................... 1,600
Accounts payable.............................................................................. 28,500
Discount on bonds payable (all long-term)....................................... 11,250
Accounts receivable......................................................................... 31,000
Prepare the liabilities section of Royall, Inc.’s balance sheet at December 31, 2014, to show how the company would report these items. Report total current liabilities and total liabilities.