E9-1 (Algo) Identifying Current Liabilities, Computing Working Capital, and Explaining Working Capital LO 9-1, 9-4, 9-5 Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: ed $590,000 354,000 Total assets Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable Common stock 20,000 50,000 12,000 3,000 8,000 107,000 8,000 4,000 12,000 600 140,000 Required: 1-a. What is the amount of current liabilities? Current liabilities $ 93,600 1-b. Compute working capital. Working capital $ 142.400 X 2. Would your computation be different if the company reported $320,000 worth of contingent liabilities in the notes to its financial statements