On December $31$ of Year $10,$ Millers Grocery Inc. had a $10-$year, $7\%$ note payable balance of $$100,000.$ The note payable was originally issued on June $30$ of Year $1.$ The company's current year financial statements are dated December $31$ of Year $10$ and the financial statements were issued on 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 off the note payable.

d$.$ The company enters into a refinancing agreement dated January $31$ of Year $11,$ which allows the issuance of debt up to $50\%$ of the company's inventory balance, which is expected to be $$175,000$ during Year $11.$ The interest rate in the refinancing agreement is $6\mathrm{.}5\%$ and the debt agreement 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 $16.$

f$.$ Assume that the note payable was issued on June $30$ of Year $10.$ The note payable includes a provision that allows for the lender to call the note at any time. However, the lender has indicated that it does not intend to call the note in Year $11.$

g$.$ Assume that the note payable was issued June $30$ of Year $9,$ instead of June $30$ of Year $1.$ Millers Grocery Inc. is in violation of a debt covenant that requires a current ratio of $1\mathrm{.}5.$ Millers obtained a waiver of the debt covenant through September of Year $11$ because it expects to be above $1\mathrm{.}5$ by midyear.

$\backslash$table$[[$a$.,$$$100,000,,,],[$b$.,$$$100,000,,T3,*{*}^{}$