Question
Enix Company, a building materials supplier, has $60,000,000 of notes payable due April 12, 2022. At December 31, 2021, Enix engaged in a negotiation with
Enix Company, a building materials supplier, has $60,000,000 of notes payable due April 12, 2022. At December 31, 2021, Enix engaged in a negotiation with First Bank to borrow up to $54,000,000 to refinance the notes on a long-term basis. However, due to Enix's inability to meet certain requirements, First Bank only approved of a $36,000,000 long-term bond refinancing plan. Enix issued its financial statements on Feb 17, 2022. On Mar 22, 2022, Enix was able to refinance another $15,000,000 of its notes with those that mature in 2040 with Keyline Bank. On its December 31, 2021, balance sheet, Enix should classify the notes as follows: $36,000,000 of long-term and $24,000,000 current liabilities. $54,000,000 of long-term and $6,000,000 current liabilities. $60,000,000 of long-term liabilities. O $51,000,000 of long-term and $9,000,000 current liabilities
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