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 Nif it is not a liability. Classification 1 Sipped Item Sales taxes payable. 2. FICAMedicare Taxes Payable 3. Pension liability (to be paid to employees retiring in 2 to 5 years) 4. Salaries payable 5. FUTA taxes payable 6. Prepaid Insurance (6 months of coverage) 7. Employee Union Dues Payable 8. Bonus payable (to be paid in 60 days) 9. Interest payable (due in 90 days) 10. Accounts payable (due in 30 days) The followine items appear on the balance sheet of a company with a one-year operating cycle. Identify th each item as follows: Cif it is a current liability. Z if it is a long-term liability, or N if it is not a liability Classification kipped NON 1 Sales taxes payable FICA Medicare Taxes Payable 3. Pension liability to be paid to employees retiring in 2 to 5 years) 4 Salanes zable 5. PUTA taxes payable 6. Prepaid insurance 6 months of coverage) Employee Union Dues Parable 8 Bonus payable to be paid in 60 days) 9. Interest payable due in 90 days) 10. Accounts payable (due in 30 days)