E$5-8($Current vs$.$ Long$-$term Liabilities$)$ Frederic Chopin Corporation is preparing its December $31,2014,$ balance sheet. The following items may be reported as either a current or long$-$term liability. $1.$ On December $15,2014,$ Chopin declared a cash dividend of $\backslash (\backslash$$ $2\mathrm{.}50\backslash )$ per share to stockholders of record on December $31.$ The dividend is payable on January $15,2015.$ Chopin has issued $1,000,000$ shares of common stock, of which $50,000$ shares are held in treasury. $2.$ At December $31,$ bonds payable of $\backslash (\backslash$$ $100,000,000\backslash )$ are outstanding. The bonds pay $\backslash (12\backslash \%\backslash )$ interest every September $30$ and mature in installments of $\backslash (\backslash$$ $25,000,000\backslash )$ every September $30,$ beginning September $30,2015.3.$ At December $31,2013,$ customer advances were $\backslash (\backslash$$ $12,000,000\backslash ).$ During $2014,$ Chopin collected $\backslash (\backslash$$ $30,000,000\backslash )$ of customer advances; advances of $\backslash (\backslash$$ $25,000,000\backslash )$ should be recognized in income. Instructions For each item above, indicate the dollar amounts to be reported as a current liability and as a long$-$term liability, if any.