Current Assets and Current Liablitives Hanson Construction has an operating cycle of 9 months. On December 31 , Hanson has the following assets and llabilities: a. A note receivable in the amount of $1,200 to be collected in 6 months b. Cash totaling $480 c. Accounts payable totaling $1,900, all of which will be paid within 2 months d. Accounts recelvable totaling $12,000, including an account for $8,000 that will be paid in 2 menths and an account for $4,000 that will be paid in 18 months e. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated 9. A note payable to the bank in the amount of $7,600 is to bet paid within the next year- Reauiredt 1. Calculate the amounts of current assets and current labilies reported on Hanson's balance sheet at December 31. Total current assets i X. Total current liabuities 1 X 2. Conceptual Connection: Comment on Hanson's liquidity