ect or incorrect for the work you have completed so far. It does not indicat Exercise 13-13 (Static) Current-noncurrent classification of debt (LO13-1, 13-4) At December 31, 2021, Newman Engineering's liabilities include the following: 1. $10 million of 9% bonds were issued for $10 million on May 31, 1999. The bonds mature on May 31, 2029, but bondholders have the option of calling (demanding payment on the bonds on May 31, 2022. However, the option to call is not expected to be exercised, given prevailing market conditions. 2. $14 million of 8% notes are due on May 31, 2022. A debt covenant requires Newman to maintain current assets at least equal to 175% of its current liabilities. On December 31, 2021, Newman is in violation of this covenant. Newman obtained a walver from National City Bank until June 2022, having convinced the bank that the company's normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2022. 3. $7 million of 11% bonds were issued for $7 million on August 1, 1989. The bonds mature on July 31, 2022. Sufficient cash is expected to be available to retire the bonds at maturity. Required: What portion of each liability is reported as a current liability and as a noncurrent liability? (Enter your answers in millions (i... 10,000,000 should be entered as 10).) Debt 1. Answer is complete but not entirely correct. Classification Million(s) Current liability $ 10 Noncurrent liability $ 100,000 X Current liability s 14 Noncurrent liability Current liability $ 7 Noncurrent liability 2 3