Exercise 5-Balance sheet classifications. (15 points) PLEASE ANSWER BELOW The various classifications listed below have been used in the past by Rogers Company on its balance sheet. It asks your professional opinion concerning the appropriate classification of each of the items below. a. Current Assets e. Current Liabilities b. Long Term Investments f. Long-Term Liabilities c. Plant and Equipment g. Common Stock and Paid-in Capital in Excess of d. Intangible Assets h. Retained Earnings Indicate by letter how each of the following items should be classified. If an item need not be reported on the balance sheet, use the letter "X." A letter may be used more than once or not at all. - 1. Patents. 2. Rent revenue collected in advance. 3. Trademarks. Investments in unconsolidated affiliated companies 5. Work in process. Equipment retired from use and held for sale. 7. Premium on bonds payable due two years from date. 8. Investments in bonds, which you intend to sell in nine months. 9. Investments in bonds held to maturity. 10. Accrued revenue on short-term investments