(1) Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain. (7) What are long-term liabilities? Give two examples. What is a bond? (8) Contrast these types of bonds: (a) Secured and unsecured. (b) Convertible and callable.(a) Secured and unsecured. Secured unsecured. (b) Convertible and callable. convertible bonds. callable bonds. 19. Valentin Zukovsky says that liquidity and solvency are the same thing. Is he  correct? If not, how do they differ? Chapter 10: Brief Exercise: BE10-1For each obligation, indicate whether it should be classified as a current liability.a)  a note payable for $100,000 due in 2 yearsb)  a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments c)  interest payable of $15,000 on the mortgage d)  accounts payable of $60,000 Chapter 10: Financial Reporting Problem: BYP10-1a)  What were Tootsie Roll’s total current liabilities at December 31, 2004? What was the increase/decrease in Tootsie Roll’s total current liabilities from the prior year?b)  How much were the accounts payable at December 31, 2004?c)  What were the components of total current liabilities on December 31, 2004 (other than accounts payable already discussed above)?Chapter 11: Ethics Case: BYP11-10a)  Who are the stakeholders in this situation?b)  Is there anything unethical about president Mailor’s intentions or actions?c)  What is the effect of a stock dividend on a corporation’s stockholders’ equity accounts? Which would you rather receive as a stockholder–a cash dividend or a stock dividend? Why?Financial and Managerial Accounting: The Basis for Business Decisions 13th editionChapter 11: Internet Assignment 11-1a)  Does the company report preferred stock in its balance sheet? If so, how many shares are currently outstanding?b)  How much common stock does the company report in its most recent balance sheet? What is the par value of each?c)  Does the company report any treasury stock? Has this amount changed since the previous year?