The following are the typical classifications used in a balance sheet: a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital 1. Retained earnings Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. 2 Equipment Accounts payable 11 Inventory Patent 3 Allowance for uncollectible accounts 12 Land (used in operations) A Land (held for investment) 13 5 Notes payable (due in 5 years) 14. 6. Deferred revenue (for the next 12 months) 15 7. Notes payable (due in 6 months) 16 8. Accumulated amount of net income less dividends 17 9 Investment in XYZ Corp. (long-term) 18 Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable