You are reviewing the December 31, 2011 financial statements of Ellie's Antiques that is considering an initial public offering of their shares. The following items come to your attention:a. Included in long-term investments are ten-year U.S. Treasury bonds that mature March 31, 2012. The bonds were purchased November 20, 2011.b. The property, plant, and equipment account is stated at cost, except that it includes a parcel of land purchased for investment purposes at a cost of $40,000. Because of rising land prices, the value of the land has been written up to $60,000. The company has an independent appraisal that attests to this amount.c. The accounts receivable account includes $20,000 due in three years from officers and employees and a two-year, 8% note for $25,000 due from a customer. The loan enabled the customer to buy equipment needed to process materials purchased from Ellie's Antiques.Please discuss how the above items should be classifed and accounted for