JT Engineering currently has two debts: a $$9,000$ debt due in $9$ months and a $$7,000$ debt due in $14$ months. JT prepares a classified balance sheet and has an operating cycle of less than one year. How should these debts be classified?

The $$9,000$ should be classified as a current liability, and the $$7,000$ should be classified as a long$-$term liability.

The $$7,000$ should be classified as a current liability, and the $$9,000$ should be classified as a long$-$term liability.

All $$16,000$ in debt should be classified as current liabilities.

All $$16,000$ in debt should be classified as long$-$term liabilities.