Exercise 3-8 (Algo) Balance sheet; current versus long-term classification (LO3-2, 3-3] Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $59,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $33,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $218,000. The notes are payable in annual installments of $29,000 each, with the first installment payable on March 1, 2022 d. Accrued interest payable of $21,000 related to the notes payable. e Investment in equity securities of other corporations$98,000. Cone intends to sell one-half of the securities in 2022. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. December TU CONE CORPORATION MENT W Balance Sheet (Partial) www. At December 31, 2021 Assets Current assets Investment in equity securities Prepaid rent Investments: Restricted cash Investment in equity securities Other assets: Prepaid rent Llabilities and Shareholders' Equity Current liabilities: Interest payable Current maturities of long-term debt Long-term liabilities: Notos payable