Current Assets and Current Liabilities Hanson Construction has an operating cycle of 9 months. On December 31, Hanson has the following assets and liabilities: a. A note receivable in the amount of $1,200 to be collected in 6 months b. Cash totaling $470 c. Accounts payable totaling $1,800, all of which will be paid within 2 months d. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be paid in 18 months e. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated g. A note payable to the bank in the amount of $7,600 is to be paid within the next year Required: 1. Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31. Total current assets Total current liabilities 2. Conceptual Connection: Comment on Hanson's liquidity. Because the year. exceed the it appears that Hanson) to pay its debts that become due within the next