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.)
(a) Current liabilityNot a current liability
(b) Current liabilityNot a current liability
(c) Not a current liabilityCurrent liability
(d) Not a current liabilityCurrent liability