Current Liabilities

Metals Inc. had the following liabilities at December 31, 1996:

Accounts payable $55,000 -

Unsecured notes, 8%, due 7/1/97 $400,000

Accrued expenses $35,000 -

Contingent liability $450,000 -

Deferred income tax liability $25,000

Senior bonds, 7%, due 3/31/97 $1,000,000

The contingent liability is an accrual for possible losses on a $1,000,000 lawsuit filed against Metals Inc. Metals' legal counsel expects the suit to be settled in

1998 and has estimated that Metals 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 1998. What amount should Metals report in its December 31, 1996 balance sheet for current liabilities?