a 1. Classify the following by making check under the proper heading: Current Noncurrent Current Long-term asset asset liability liability Accounts payable Inventory Intangible assets Deferred income Loan due in 90 days Cash Accounts receivable Property and equipment 2. When George, who built golf courses, bought his Automatic Sand Trap Machine for $100,000, he paid $20,000 of his own money and bor- rowed $80,000 from the Easymoney National Bank. He borrowed the money on January 1 of year 1 and was to repay it in annual payments of $16,000 principal plus interest (10 percent), due on December 31. He made all payments before the due date. Determine how this liabil- ity should be divided between current and long-term liabilities on George's balance sheet at the end of the second year. Beginning balance of loan Subtract payments made Balance Subtract current portion