Required1. For each item state whether it should be classified as a current liab

Required1. For each item state whether it should be classified as a current liability on the December 31 2010 balance sheet. Assume that the operating cycle is shorter than one year. If the item should not be classified as a current liability indicate where on the balance sheet it should be presented.2. For each item identified as a current liability in part (1) state the account title that is normally used to report the item on the balance sheet.3. Why would an investor or a creditor be interested in whether an item is a current or a long-term liability?