6. Financial Instrument Classication Titanic Co. has recently issued a 1%, $10,000,000 debt obligation to Tria Investment Group. The obligation has no maturity date; rather, the $10,000,000 will only be redeemed to Tria if and when Titanic is liquidated, either through bankruptcy or sale. The CFO of Titanic believes that, since it contains most of the features of a debt obligation, the $10,000,000 should be classied as a liability on Titanics balance sheet. The CEO believes that, since it does not have a certain redemption date, it should be classied as equity. Research the relevant GAAP and determine who is correct. Explain your answer, cite the Codication where appropriate, and journalize the inception of the liability.