Exercise $3-8($Algo$)$ Balance sheet; current versus long$-$term classification $[$LO$3-2,3-3]\backslash$table$[[$CONE CORPORATION$],[$Balance Sheet $($Partial$)],[$At December $31,2024],[$Assets$],[$Current assets:$],[$Prepaid rent,,$11,000],[$Investment in equity securities$,,60,000],[,,],[$Long$-$term investments:$],[$Investment in equity securities$],[$Restricted cash,,$],[$Other assets:$],[$Prepaid rent,,$],[,,],[?,,],[$Liabilities and Shareholders' Equity$],[$Current liabilities:$],[$Interest payable,,$],[$Notes payable $($current maturities of long$-$term debt$),,],[$P$,,],[$Long$-$term liabilities:,,$],[$Notes payable $($long$-$term$),,],[,,]]$

Cone Corporation is in the process of preparing its December $31,2024,$ balance sheet. There are some questions as to the proper

classification of the following items:

a$.$ $$70,000$ in cash restricted in a savings account to pay debt. The debt matures in $2028.$

b$.$ Prepaid rent of $$44,000,$ covering the period January $1,2025,$ through December $31,2026.$

c$.$ Notes payable of $$240,000.$ The notes are payable in annual installments of $$40,000$ each, with the first installment payable on

March $1,2025.$

d$.$ Accrued interest payable of $$32,000$ related to the notes payable is due June $30,2025.$

e$.$ Investment in equity securities of other corporations, $$120,000.$ Cone intends to sell one$-$half of the securities in $2025.$

Required:

Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.