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As of December 31, Berra Company's balance sheet contains notes payable in the amount of $390,000. These notes are 120-day notes and are renewable for

As of December 31, Berra Company's balance sheet contains notes payable in the amount of $390,000. These notes are 120-day notes and are renewable for one additional 120-day period. Berra should classify these notes as

intermediate liabilities

long-term liabilities

current liabilities

deferred charges

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