Once again, please help me approach this kind of long answer question.

You get just enough time to catch your breath and a cup of coffee (the donut tray was all empty) whenMr. Ackque Feegerz turns up. Upon seeing you in the corridor, he exclaims, "What! Are you loitering

around once again? When are you planning to do some actual work here? Maybe I made a seriousmistake in selecting you instead of that other bright candidate." You mumble that File I was completedand you were about to begin on the second file. "Well hurry up and do something useful. Just don'tstand around listening to the birds tweeting," he retorted as he strode away towards his office. And youreturned for File II.

You learn that DCI has a $5,000,000 note payable outstanding. The terms of the note require repaymentof principal on June 30, 20X2. The company is now finalizing the financial statements for the year endedDecember 31, 20X1. In January, 20X2, before the financial statements are released, the company comesto an agreement with the lender to refinance the liability, with the new due date June 30, 20X5.DCI also has committed to donate $200,000 to support the provincial snow boarding association race

programs for the year. No donation agreement has yet been signed, but a public announcement has beenmade and the company and the snow boarding association have met and agreed that the fundingsupporting the races for the season, and promotion by DCI will be publicized through the association's website.

a] If DCI complies with IFRS, will the note payable be classified as current or long-term as at December31, 20X1? Detail explanation

b] If DCI complies with ASPE, repeat the requirements for part [a] above.

c] If DCI complies with IFRS, will the $200,000 amount be recorded as a liability?