E9-1 Identifying Current Liabilities, Computing Working Capital, and Explaining Working Capital LO9-1, 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: Total assets Total noncurrent assets Liabilities: $580,000 354,000 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 17,000 55,000 4,000 3,000 10,000 118,000 10,000 6,000 16,000 500 130,000 Common stock Required 1-a. What is the amount of current liabilities? rren ilitie 1-b. Compute working capital g capital 2. Would your computation be different if the company reported $270,000 worth of contingent liabilities in the notes to its financial statements? O Yes O No