The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, Lif it is a long-term liability or Nifit is not a liability Item Classification 1. Notes payable (due in 120 days) 2 Unearned revenues to be eamed over next 3 months) 3. Employee Medical Insurance Payable 4. Bonus payable (to be paid wo days) 5. Bonds payable (due in 9 months 6. Prepaid Insurance (6 months of coverage) 7 Sales taxes payable 8. Pension ability to be fully paid to retired employees in next 11 months) 9. Notes payable (due in 6 to 11 months) 10. Notes payable (due in 13 to 24 months) C L