Thousands of Millions of yen U.S. dollars  (Note 3) 2004 2003 2004 LIABILITIES AND SHAREHOLDERS’ EQUITY As of Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2005 Current liabilities: Short-term borrowings and current portion of long-term debt  (Note 8) ¥1,983,950 ¥1,411,262 $18,541,589 Notes and accounts payable  (Note 7) 1,384,163 1,126,277 12,936,103 Accrual for warranty costs 61,762 45,550 577,215 Accrued income taxes  (Note 13) 63,563 94,008 594,047 Other current liabilities 481,276 425,384 4,497,906 Total current liabilities 3,974,714 3,102,481 37,146,860 Long-term liabilities: Long-term debt  (Note 8) 1,963,173 1,694,793 18,347,411 Accrued retirement benefits  (Note 9) 508,203 442,266 4,749,561 Accrual for warranty costs 122,990 107,047 1,149,439 Other long-term liabilities 556,992 385,490 5,205,533 Total long-term liabilities 3,151,358 2,629,596 29,451,944 Minority interests 256,701 103,785 2,399,075 Shareholders’ equity $^{(Notes 10, 14 and 22)}$: Common stock, without par value: Authorized—6,000,000,000 shares; Issued —4,520,715,112 shares in 2004 and 2003 605,814 605,814 5,661,813 Capital surplus 804,470 804,470 7,518,411 Retained earnings  1,715,099 1,286,299 16,028,963 Unrealized holding gain on securities 7,355 4,392 68,738 Translation adjustments (400,099) (431,744) (3,739,243) 2,732,639 2,269,231 25,538,682 Less treasury common stock, at cost; 141,235,573 shares in 2004  and 122,116,426 shares in 2003 (266,889) (245,237) (2,494,289) Total shareholders’ equity 2,465,750 2,023,994 23,044,393 Commitments and contingencies (Note 17) Total liabilities and shareholders’ equity ¥9,848,523 ¥7,859,856 $92,042,272 See notes to consolidated financial statements. FINANCIAL SECTION Nissan Annual Report 2004 73