E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "X" 1. Prepaid insurance 2. Shares owned in associated companies 3. Unearned service revenue 4. Advances to suppliers 5. Unearned rent revenue 6. Share capital-preference. 7. Share premium-preference. 8. Copyrights 9. Petty cash fund. 10. Sales taxes payable. 11. Interest on notes receivable. 12. Twenty-year bonds payable that will mature within the next year. (No sinking fund exists, and refunding is not planned.) 13. Accounts receivable. 14. Unrealized gain on non-trading equity securities 15. Interest on bonds payable. 16. Salaries that company budget shows will be paid to employees within the next year. 17. Accumulated depreciation equipment