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March 15 of Year 11. How will the note payable in each of the following separate scenarios be classified on the balance sheet of Millers
March 15 of Year 11. How will the note payable in each of the following separate scenarios be classified on the balance sheet of Millers Grocery on December 31 of Year 10 ? a. The company intends to pay off the note payable when it comes due. b. The company intends to refinance the note payable and will begin discussions with the lender in February of Year 11. c. The company issues common stock in January of Year 11 . Immediately, $75,000 of the proceeds of the issuance plus $25,000 in cash are used to pay a the expires on December 31 of Year 13. e. The full $100,000 of the 7% note payable was extinguished on February 1 of Year 11 , when it was paid off with a $100,000,8%, interest- bearing note payable, due February 1 of Year 16 . mid-year
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