Net World Inc sold 4800 annual subscriptions of Net World for $45 during December 2003. These new subscribers will receive monthly issues, beginning in January 2004. in addition, the business had taxable income of $160,000 during the first calendar quarter of 2004. The federal tax rate is 35% a quarterly tax payment will be made on april 7,2004.Prepare the current liabilities section on the balance sheet for net world magazine inc on march 31, 2004.