Question
Craneowes $3.5million that is due on February 28. The company borrows $2780000on February 25 (5-year note) and uses the proceeds to pay down the $3.5million
Craneowes $3.5million that is due on February 28. The company borrows $2780000on February 25 (5-year note) and uses the proceeds to pay down the $3.5million note and uses other cash to pay the balance. How much of the $3.5million note is classified as long-term in the December 31 financial statements?
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Managerial Accounting
Authors: James Jiambalvo
6th edition
9781119158226, 111915801X, 1119158222, 978-1119158011
