1. Do you AGREE or DISAGREE with the following statement?

Under Current (2019) US GAAP, if on December 31, 2019, a firm with outstanding Commercial Paper in the amount of $ 5,000,000, which is due on June 30, 2020, may classify the Commercial Paper as a Non-Current Liability if the firm has an unused line of credit with an expiration date of May 31, 2021 in the amount of $ 12,000,000.

BRIEFLY support your answer.

2. Do you AGREE or DISAGREE with the following statement?

Under Current (2019) US GAAP, Inventory is reported at Level 3 on the Fair Value Hierarchy

BRIEFLY support your answer.