New Wave Co. sold 14,000 annual subscriptions of Game Life for $51 during December 2012. These new subscribers will receive monthly issues, beginning in January 2013. In addition, the business had taxable income of $448,000 during the first calendar quarter of 2013. The federal tax rate is 35%. A quarterly tax payment will be made on April 7, 2013. Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2013. New Wave Co. Balance Sheet - Current Liabilities section March 31, 2013 Current liabilities: Federal income taxes payable $ Advances on magazine subscriptions $ Total current liabilities $