Mill Co.’s trial balance included the following account balances at December 31, 2006:

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Accounts payable

$15,000

Bonds payable, due 2007

25,000

Discount on bonds payable, due 2007

3,000

Dividends payable 1/31/07

8,000

Notes payable, due 2008

20,000

What amount should be included in the current liability section of Mill’s December 31, 2006 balance sheet?

  1. $45,000
  2. $51,000
  3. $65,000
  4. $78,000