1. Current maturities of long-term debt are not current if

1. They are to be retired with current assets.
2. They are to be refinanced with long-term debt and the company has the intent and ability to do so.
3. They cannot be convertible into common stock.
4. None of the above.

2. If bonds are retired at a loss, assets, liabilities, and stockholders equity would

1. Increase, increase, and increase, respectively
2. Decrease, decrease, and decrease, respectively
3. Decrease, decrease, and increase, respectively
4. Increase, decrease, and decrease, respectively