XYZ Corporation is preparing its December $31,2021,$ balance sheet. The following items may

be reported as either a current or long$-$term liability.

$1.$ On December $15,2021,$ XYZ declared a cash dividend of $$2\mathrm{.}50$ per share to stockholders

of record on December $31.$ The dividend is payable on January $15,2022.$ XYZ has issued

$1,000,000$ shares of common stock, of which $50,000$ shares are held in treasury.

$2.$ At December $31,$ bonds payable of $$100,000,000$ are outstanding. The bonds pay $12\%$

interest every September $30$ and mature in installments of $$25,000,000$ every September $30,$

beginning September $30,2022.$

$3.$ At December $31,2020,$ customer advances were $$12,000,000.$ During $2021,$ XYZ

collected $$30,000,000$ of customer advances; advances of $$25,000,000$ should be recognized

in income.

Instructions

For each item above, indicate the dollar amounts to be reported as a current liability and as a

long$-$term liability, if any.