A fellow accountant has solicited your opinion regarding the classification of short-term obligations repair prior to being replaced by a long-term security. Chesire Foods, Inc issued $5,000,000 of short-term commercial paper during 2018 to finance construction of a plant. At September 30, 2019, Chesires fiscal year-end, the company intends to refinance the commercial paper by issuing long-term bonds. However, because Chesire temporarily has excess cash, in November 2019 it liquidates $2,000,000 of the commercial paper as the paper matures. In December 2019, the company completes a $10,000,000 long-term bond issue. Later during December, it issues September 30, 2019, financial statements. The proceeds of the long-term bond issue are to be used to replenish $2,000,000 in working capital, to pay $3,000,000 of commercial paper as it matures in January 2020, and to pay $5,000,000 of construction costs expected to be incurred later that year to complete the plant. You initially are hesitant because you dont recall encountering a situation in which short-term obligations were repair prior to being replaced by a long-term security. However, you re encouraged by a vague memory that this general topic is covered by GAAP literature you came across when reading an Internet article. Required Determine how the $5,000,000 of commercial paper should be classified by consulting the authoritative GAAP literature and citing the appropriate location in the FASB Codification. Before doing so, formulate your own opinion on the proper treatment. Feel free to consult with your classmates prior to making your determination.