Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3] Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following Items: a. $57,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $31,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $214,000. The notes are payable in annual Installments of $27,000 each, with the first installment payable on March 1, 2022 d. Accrued interest payable of $19,000 related to the notes payable e Investment in equity securities of other corporations. $94,000. Cone intends to sell one-half of the securities in 2022 Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above Items should be reported. Current assets CONE CORPORATION Balance Sheet (Partial) At December 31, 2021 Assets