brite corp. had the following liabilities at december 31 of the current year: accounts payable $ 55,000 unsecured notes, 8%, due 07/01 next year 400,000 accrued expenses 35,000 contingent liability 450,000 deferred income tax liability 25,000 senior bonds, 7%, due 03/31 next year 1,000,000 the contingent liability is an accrual for possible losses on a $1,000,000 lawsuit filed against brite. brite's legal counsel expects the suit to be settled in 2 years, and has estimated that brite will be liable for damages in the range of $450,000 to $750,000. the deferred income tax liability is not related to an asset for financial reporting and is expected to reverse in 2 years. what amount should brite report in its current year december 31 balance sheet for current liabilities?
