Instructions Prepare the current assets section of Yasunari Kawabata Company's December 31, 2020, balance sheet, with appropriate disclosures. E5.8 (LO 1. 2) (Current vs. Long-term Liabilities) Frederic Chopin Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2020, Chopin declared a cash dividend of $2.50 per share to stockholders of record on December 31. The dividend is payable on- January 15, 2021. Chopin has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2021. 3. At December 31, 2019, customer advances were $12,000,000. During 2020, Chopin collected $30,000,000 of customer advances; advances of $25,000,000 should be recognized in income.