BE11-1 Buffaloe Company has the following obligations at December 31:
(a) a note payable for $100,000 due in 2 years,
(b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments,
(c) interest payable of $15,000 on the mortgage, and
(d) accounts payable of $60,000.
For each obligation, indicate whether it should be classified as a current liability.
(Assume an operating cycle of less than one year.)
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