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need help on 1-3:) At December 31I 2021, Newman Engineering's liabilities include the following: 1. $12 million of 6% bonds were issued for $12 million

need help on 1-3:)

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At December 31I 2021, Newman Engineering's liabilities include the following: 1. $12 million of 6% bonds were issued for $12 million on May 31, 1999. The bonds mature on May 31I 2029, but bondholders have the option of calling [demanding payment on] the bonds on May 31. 2022. However, the option to call is not expected to be exercised, given prevailing market conditions. 2. $15 million of 5% notes are due on May 31, 2022. A debt covenant requires Newman to maintain current assets at least equal to 1T!% of its current liabilities. On December 31. 2021I Newman is in violation of this covenant. Newman obtained a waiver 'om National City Bank until June 2022I having convinced the bank that the oompany's normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the rst half of 2022. 3. $9 million of 8% bonds were issued for $9 million on August 1, 1939. The bonds mature on July 31, 2022. Sufcient cash is expected to be available to retire the bonds at maturity. Required: Classify the above mentioned debts as current liabilities or noncurrent liabilities. Also, provide corresponding value for the same. {Enter your answers in millions [i.e., 10,000,000 should he entered as 10].]

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