ACME Corporation reported the following items in its December31, 2007, financial statements:
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Capital lease obligations (10% due in 2008)
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$ 40,000
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Treasury stock
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10,000
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Preferred stock
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150,000
|
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Accounts payable
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4,500
|
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Bonds payable (due 2012)
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450,000
|
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Contingent liability (reasonably possible to require payment in 2009)
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20,000
|
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Common stock
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125,000
|
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Wages payable
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7,500
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Prepare schedules of (a) current and (b) long-term liabilities.