urgent

Please don't copy-paste. if you will answer me don't forget b it important

Instructions:

(a) Prepare a listing of the Berger Corporations current and long-term liabilities as they should be presented in the companys December 31, 2020 balance sheet.

(b) Explain why you have excluded any of the listed items in your listing of current and long-term liabilities. (5 points)

EXERCISE 3 As of December 31, 2020, Berger Corporation has prepared the following information regarding its liabilities and other obligations 20-year bond issue that matures in one year 800,000 Accrued interest on the 20-year bond issue as of the balance sheet date 68,000 Notes payable, of which 20,000 will be repaid within the next 12 months 200,000 Interest expense that will result from existing liabilities over the next 12 months 92,000 Cash deposits from customers for goods and services to be delivered over the next four months 6310,000 Three-year commitment to Joan Sanchez as chief operating officer at a salary of 150,000 per year 450,000 Note payable due within 90 days (but that is approved to be extended for an additional 12 months) 190,000 Income taxes, of which 195,000 are currently payable and the remainder deferred indefinitely Lawsuit pending against Berger, in which 500,000 is claimed in damages. Legal counsel can make no reasonable estimate of the company's ultimate liability at this time 375,000