Response to the following problem:
At December 31, Crestview Carpets owes $50,000 on accounts payable, plus salary payable of $14,000 and income tax payable of $8,000. Crestview also has $300,000 of bonds payable that require payment of a $30,000 installment next year and the remainder in later years. The bonds payable also require an interest payment of $7,000 at the end of each year.
Report Crestview's liabilities on its year-end classified balance sheet. List liabilities in descending order (largest first, and so on).