Jasper co sold 28,000 annual magazine for $40 during December 2012. These new subscribers will receive monthly issues beginning in January 2013. In addition the business had taxable income of 130,000 during the first calender quarter of 2013. The federal tax rate is 40%. A quarterly tax payment will be made on April 15,2013. Prepare the current liabilities section of the balance sheet for jasper co on march 31,2013

This doesn't represent all possible current liabilities so do your calculations on the unearned subscriptions and the corresponding tax liability