Brief Exercise $3-6($Algo$)$ Balance sheet classification $[$LO$3-2,3-3]$

You have been asked to review the December $31,2024,$ balance sheet for Champion Cleaning. After completing your review, you list

the following three items for discussion with your superior:

An investment of $$44,000$ is included in current assets. Management has indicated it has no intention of liquidating the investment

in $2025.$

A $$240,000$ note payable is listed as a long$-$term liability, but you have determined that the note is due in $10$ equal annual

installments with the first installment due on March $31,2025.$

Deferred revenue of $$102,000$ is included as a current liability even though only two$-$thirds will be recognized as revenue in $2025,$

and the other one$-$third in $2026.$

Determine the appropriate classification of each of these items.

Note: If no entry is required for classification, choose $"$No entry".