I just need the top part answered. (see second photo) I can do the rest I just have no idea how to get the answers to the Required portion.

INFORMATION Marshall Development Co., Inc. is in the business of software and hardware development in the mechanical engineeri markets. In 2016 the company borrowed $3,000,000 due in ten years from a large bank. The note agreement indentures included certain restrictive covenants on Marshall Development such as minimum working capital, debt-to equity ratios, minimum cash balance and current ratio. If Marshall Development fails to meet any of these covenants any calendar quarter end, the bank could accelerate the immediate payment of the debt. Marshall Development was not in compliance with two of these ratios at December 31, 2019. REQUIRED Determine how the debt should be classified under U.S. GAAP on Marshall Development's balance sheet as of December 31, 2019, given solely the above facts. Assuming Marshall Development obtained a waiver from the bank for these two debt covenant violations on January 20, 2020 which was retroactive to December 31, 2019, and through January 1, 2021, does the classification change? Explain your understanding of the FASB's rationale and thought in reaching its decision on the treatment you described in 2 above. Prepare a memo to me (Dr. Timothy G. Bryan, CPA). Proper memo formatting is required as part of this assignment. addition, your grade will be based partially on your utilization of clear standard English. Consult your May and May te for additional guidance. The body of memo should follow the FIRAC format: Facts Issues Research Analysis Conclusion Provide section headings exactly as noted above. Accountants tend to go to jail when they get creative! Research must include appropriate citations from the FASB Accounting Standards Codification (ASC). Failure to provi ASC citations will result in a ZERO for the assignment. You may only use your textbook (for guidance - do not cite) a the ASC to locate your answers - NO GOOGLE. Submit your assignment in Black Board as a Word Document by the due date. ACC 312 - Spring 2020 ASC Research Case #1 INFORMATION Marshall Development Co., Inc. is in the business of software and hardware development in the mechanical engineering markets. In 2016 the company borrowed $3,000,000 due in ten years from a large bank. The note agreement indentures included certain restrictive covenants on Marshall Development such as minimum working capital, debt-to- equity ratios, minimum cash balance and current ratio. If Marshall Development fails to meet any of these covenants at any calendar quarter end, the bank could accelerate the immediate payment of the debt. Marshall Development was not in compliance with two of these ratios at December 31, 2019. REQUIRED Determine how the debt should be classified under U.S. GAAP on Marshall Development's balance sheet as of December 31, 2019, given solely the above facts. Assuming Marshall Development obtained a waiver from the bank for these two debt covenant violations on January 20, 2020 which was retroactive to December 31, 2019, and through January 1, 2021, does the classification change? Explain your understanding of the FASB's rationale and thought in reaching its decision on the treatment you described in 2 above. INFORMATION Marshall Development Co., Inc. is in the business of software and hardware development in the mechanical engineeri markets. In 2016 the company borrowed $3,000,000 due in ten years from a large bank. The note agreement indentures included certain restrictive covenants on Marshall Development such as minimum working capital, debt-to equity ratios, minimum cash balance and current ratio. If Marshall Development fails to meet any of these covenants any calendar quarter end, the bank could accelerate the immediate payment of the debt. Marshall Development was not in compliance with two of these ratios at December 31, 2019. REQUIRED Determine how the debt should be classified under U.S. GAAP on Marshall Development's balance sheet as of December 31, 2019, given solely the above facts. Assuming Marshall Development obtained a waiver from the bank for these two debt covenant violations on January 20, 2020 which was retroactive to December 31, 2019, and through January 1, 2021, does the classification change? Explain your understanding of the FASB's rationale and thought in reaching its decision on the treatment you described in 2 above. Prepare a memo to me (Dr. Timothy G. Bryan, CPA). Proper memo formatting is required as part of this assignment. addition, your grade will be based partially on your utilization of clear standard English. Consult your May and May te for additional guidance. The body of memo should follow the FIRAC format: Facts Issues Research Analysis Conclusion Provide section headings exactly as noted above. Accountants tend to go to jail when they get creative! Research must include appropriate citations from the FASB Accounting Standards Codification (ASC). Failure to provi ASC citations will result in a ZERO for the assignment. You may only use your textbook (for guidance - do not cite) a the ASC to locate your answers - NO GOOGLE. Submit your assignment in Black Board as a Word Document by the due date. ACC 312 - Spring 2020 ASC Research Case #1 INFORMATION Marshall Development Co., Inc. is in the business of software and hardware development in the mechanical engineering markets. In 2016 the company borrowed $3,000,000 due in ten years from a large bank. The note agreement indentures included certain restrictive covenants on Marshall Development such as minimum working capital, debt-to- equity ratios, minimum cash balance and current ratio. If Marshall Development fails to meet any of these covenants at any calendar quarter end, the bank could accelerate the immediate payment of the debt. Marshall Development was not in compliance with two of these ratios at December 31, 2019. REQUIRED Determine how the debt should be classified under U.S. GAAP on Marshall Development's balance sheet as of December 31, 2019, given solely the above facts. Assuming Marshall Development obtained a waiver from the bank for these two debt covenant violations on January 20, 2020 which was retroactive to December 31, 2019, and through January 1, 2021, does the classification change? Explain your understanding of the FASB's rationale and thought in reaching its decision on the treatment you described in 2 above