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Chapter 3 question 2I'm confused by this Saved Help Save & Exit SL Check my w You have been asked to review the December 31,

Chapter 3 question 2I'm confused by this

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Saved Help Save & Exit SL Check my w You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: 1. An investment of $39,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2022. 2. A $190,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10, equal annual installments with the first installment due on March 31, 2022. 3. Deferred revenue of $87,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022, and the other one-third in 2023. Determine the appropriate classification of each of these items. (If no entry is required for classification, choose "No entry".) Current Long-term Items Amount Classification Amount Classification 1. Investment 2. Installment note 3. Deferred revenue

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