WWW 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: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability. Item Classification 1. Notes payable (due in 120 days). 2. Unearned revenues (to be earned over next 3 months) 3. Employee Medical Insurance Payable 4. Bonus payable (to be paid in 60 days) 5. Bonds payable (due in 9 months) 6. Prepaid Insurance (6 months of coverage) 7. Sales taxes payable. 8. Pension liability (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)