Consider the following liabilities of Future Brands, Incorporated, at December 31, 2024, the company's fiscal year-end. Should they be reported as current llabilities or long-term liabilities? 1. \$77 million of 8% notes are due on May 31, 2028. The notes are callable by the company's bank, beginning March 1, 2025 2. $102 million of 8% notes are due on May 31, 2029. A debt covenant requires Future to maintain a current ratio (ratio of current assets to current liabilities) of at least 2 to 1 . Future is in violation of this requirement but has obtained a waiver from the bank until May 2025, since both companies feel Future will correct the situotion during the first half of 2025