Exercise 3-3 (Static) Balance sheet classification (LO3-2, 3-3) The following are the typical classifications used in a balance sheet: a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 10 1 2 11 3 4 Interest payable (due in 3 months) Franchise Accumulated depreciation Prepaid insurance (for 2022) Bonds payablo (due in 10 years) Current maturities of long-term debt Notes payablo (due in 3 months) Long-term receivables Restricted cash (will be used to retire bonds in 10 years) 12 13 14 5 Supplies Machinery Land (used in operations) Deferred revenue (for 2022) Copyrights Common stock Land (held for speculation) Cash equivalents Salarios payable 6 7 15. 16. 17 18 8 9